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Posted on: June 8, 2018

County Sells Bonds and Notes at Favorable Interest Rates

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Loudoun County has sold $148.3 million in general obligation (GO) bonds at a favorable interest rate of 2.98 percent. The bonds sold above their face value and as a result the county received an additional $9.8 million, or premium, which provides the county with total proceeds of $158.1 million. Seven bidders submitted offers for the county’s bonds. Citigroup Global Markets Inc. offered the bid with the lowest interest rate, which the county accepted. 

Additionally, the county has sold $56.5 million of bond anticipation notes (BANs) at an interest rate of 1.93 percent. Four bidders submitted offers for the notes. Wells Fargo Bank, National Association offered the bid with the lowest interest rate, which the county accepted.

Proceeds from the GO bond sale will be used to finance one general government capital project and several school projects, including:

General Government
  • Lovettsville District Park
  • Academies of Loudoun
  • Brambleton Middle School (MS-9)
  • Dulles North Area Elementary School (ES-31)
  • Elementary School Classroom Additions
  • Goshen Post Elementary School (ES-28)
  • Independence High School (HS-11)
  • Lightridge High School (HS-9)
  • Willard Middle School (MS-7)
Proceeds from the BANs will be used to finance a portion of the county’s 4.8 percent construction obligation for the Dulles Metrorail Project, which is extending Metrorail into Loudoun County.

In advance of the sales, the nation’s top bond rating agencies reaffirmed the county’s triple-A rating on its general obligation bonds, and the high AA(plus) and Aa1 rating on its lease revenue bonds. The ratings agencies noted the county’s strong financial management practices and policies, and manageable debt. Loudoun County has held the Aaa rating from Moody’s since 2004, and AAA from Fitch Ratings and Standard & Poor’s since 2005. A high bond rating helps the county achieve the best possible interest rates to finance capital projects, saving taxpayers millions of dollars. 

More information on Loudoun County finances and the county’s triple-A status is online at www.loudoun.gov/BondRatings.   

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