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February 2013 - Bostonia and Jefferies raise over $400 million for the Virgin Islands Public Finance Authority through Municipal Private Placement

February 2013 - In a series of transactions executed in the third and fourth quarter of 2012, Jefferies and Bostonia Global Securities LLC raised over $400 million for the Virgin Islands Public Finance Authority.  The Authority is a public corporation and instrumentality of the Government of the Unites States Virgin Islands.  The transactions funded new working capital and capital projects for the Territory and refinanced short term working capital and capital project bank lines as follows:

  • $142,640,000 Revenue Bonds (Virgin Islands Matching Fund Loan Note) Series 2012A (Working Capital) September 2012
  • $197,065,000 Revenue Refunding Bonds (Virgin Islands Gross Receipts Taxes Loan Note) Series 2012A (Working Capital Refinancing/Tax Exempt) November 2012
  • $31,740,000 Revenue Refunding Bonds (Virgin Islands Gross Receipts Taxes Loan Note) Series 2012B (Broadband Project Refinancing/Federally Taxable) November 2012
  • $35,115,000 Revenue Bonds (Virgin Islands Gross Receipts Taxes Loan Note) Series 2012C (Capital Projects/Tax Exempt) December 2012

The Authority’s Matching Fund Bonds are rated Baa2, BBB, and BBB+ by Moody’s Investor Service, Inc., Standard & Poor’s Ratings Service, and Fitch Ratings Inc., respectively.  The Authority’s Gross Receipts Taxes Bonds are rated BBB+ (with a stable outlook) and BBB (with a negative outlook) by Standard & Poor’s Ratings Service and Fitch Ratings Inc., respectively.

Jefferies and Bostonia Global Securities LLC as the Authority’s co-placement agents recommended a best efforts offering of securities exempt from the requirements of Rule 15c2-12 of the Securities Exchange Act of 1934 to address a continuing disclosure issue of the Government of the Virgin Islands.  This innovative municipal private placement provides for the removal of resale restrictions upon compliance with the continuing disclosure requirement of Rule 15c2-12, which minimized the yield premium associated with the limited offering.

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