Arlington Issues Bonds for Property Acquisitions, Refinances Existing
Published on October 03, 2017
- $32 million of new money bonds sold to investors in negotiated sale
- Financing for acquisition of Buck property, Head Start program site
- Refinancing of existing bonds for $3.8 million of debt service savings
Arlington County today issued $58 million of Series 2017 IDA Revenue Bonds, including $32 million for new projects, in a negotiated sale led by senior underwriter J.P. Morgan Securities LLC, and co-manager Wells Fargo Securities. The bonds were sold to investors at a 3.24 percent average interest rate.
"We are pleased with the strong demand for the County's revenue bonds in the market today. This sale allows the County to finance two important land acquisitions, while also saving the County $3.8 million of future debt service by refinancing existing bonds at lower rates," County Manager Mark Schwartz said.
Sale proceeds will finance the County's acquisition of the Buck property, as well as the acquisition, design, and construction for 2920 S. Glebe Road, the future location of a Head Start program. The Series 2017 IDA Revenue are rated AA1 by Moody's, and AA+ by Fitch.
More information on Arlington bonds is available on the County's website.