Bonds to fund highway, bridge and road construction projects

The State of West Virginia has sold $600 million in General Obligation State Road Bonds, Series 2019 A (“2019 GO Bonds”) and generated over $746.5 million in proceeds — a premium of $146.5 million — to be used for highway, bridge and secondary road construction projects through the state.

The bond sale was approved and made possible by the voters of West Virginia voted in favor of the Roads To Prosperity program in October 2017.

The bonds were sold Tuesday in two batches, with Jefferies, LLC and Citigroup Global Markets submitting the winning respective bids.

Credit rating agencies rated the bonds “Aa2,” “AA-,“ and “AA,” respectively.

The State locked in a blended borrowing rate of 2.999 percent.

In the state’s first issuance of general obligation bonds for the project in May 2018, the borrowing rate was set at 3.75 percent.

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