CHARLESTON – West Virginia State Treasurer John D. Perdue is pleased to announce that today the State officially closed on the refunding of more than $133.7 million dollars of general obligation state road bonds, which will save the state nearly $26 million dollars in debt service payments.

The bonds were sold competitively on April 16, at an overall 1.73 percent true interest cost. The refunded bonds were purchased by a group led by Morgan Stanley & Co. LLC.

The State Treasurer, as registrar and paying agent on the bonds, worked with the Governor, Attorney General, State Auditor, Secretary of State and various other state officials, as well as local law firms Bowles Rice LLP (Bond Counsel) and Spilman Thomas & Battle, PLLC (Disclosure Counsel), in making the refunding successful.

“This move will translate into significant savings without jeopardizing the state’s valuable bond ratings,” said Treasurer Perdue. “The nearly $26 million will help provide improved infrastructure for years to come.”

Rating agencies confirmed the state’s positive bond ratings as follows:

• AA, Standard and Poor’s
• AA+, Fitch
• Aa1, Moody’s

The original bonds and the refunding bonds were sold pursuant to the Safe Roads Amendment of 1996 to provide construction and repair of state roads.