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Governor McDonnell Announces the Commonwealth Transportation Board Saves Nearly $26 Million in Refinancing Deal for Improvements

Press Release

Location: Richmond, VA

Governor Bob McDonnell announced today that the Commonwealth Transportation Board (CTB) sold more than $124 million in refunding bonds at a true interest cost of 1.38 percent, saving $25.8 million over the next 16 years. The savings will result in lower debt service costs for bonds issued under the Northern Virginia Transportation District and U.S. Route 58 bond programs.

"The CTB was fortunate to lock in lower costs while tax-exempt rates are near historic lows," said Governor McDonnell. "The savings will benefit Virginia's transportation program and will allow us to continue to stretch our available transportation dollars to provide the most benefits possible to Virginia taxpayers."

The CTB Commonwealth of Virginia Transportation Revenue Refunding Bonds were sold through a competitive bidding process with the CTB receiving 11 bids. Bank of America Merrill Lynch submitted the winning bid with a true interest cost of 1.38 percent. The bonds were rated Aa1 by Moody's and AA+ by Fitch and Standard and Poor's.

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