Gov. Jim Justice said Thursday that West Virginia will be offering $800 million in General Obligation State Road Bonds. According to a news release, the sale of Series 2018A Bonds prioritizes sales to West Virginia residents and begins on Monday, May 21.
According to the release, the bonds carry the state’s credit ratings of “Aa2”, “AA-”, and “AA” by Moody’s, S&P Global Ratings and Fitch Ratings, respectively. The bonds will have maturities ranging from 1 to 25 years.
“These bonds are part of a program that will finance over $2 billion dollars in road infrastructure improvements,” said Gov. Justice in the release.
Justice said the bonds will fund projects to rebuild the state’s roads and bridges as well as finance several new highway endeavors.
West Virginia residents can purchase tax-exempt bonds by contacting one of 15 firms in the underwriting syndicate and selling group led by Bank of America Merrill Lynch. Bonds may only be offered through a preliminary official statement and be purchased through a registered broker.
“This is your chance as a West Virginian to invest directly in the Mountain State’s future, and help move our state forward for generations to come,” said Justice.
In October, voters approved a statewide referendum allowing the sale of $1.6 billion in bonds, known as the Roads to Prosperity program.
Additional information relating to the bonds may be found at InvestorRelations.wv.gov.