Virgin Islands Mulls $103M Private-Activity Deal for Refinery

Cataldo, Adam L.
March 2006
Bond Buyer;3/3/2006, Vol. 355 Issue 32331, p3
Trade Publication
The article reports that the Virgin Islands Public Finance Authority is negotiating to issue $103 million of private-activity bonds on behalf of HOVENSA LLC, a company that operates an oil refinery on the island of St. Croix in Maine. The authority will sell HOVENSA bonds in exchange for a guaranteed discount on the price of gasoline to local consumers over the life of the bonds. The proceeds from the bond sale will be used by HOVENSA for its sewage and waste disposal projects.


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