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Pharrell Williams-Backed Surf Park to Tap $121 Million of Bonds

  • It’s one part of a $330 million development in Virginia Beach
  • The city to help fund with $140 million of its own dollars
Pharrell Williams
Pharrell WilliamsPhotographer: Paras Griffin/Getty Images

Clap along for Grammy-winning singer and producer Pharrell Williams, whose long-awaited effort to build a surf park in his hometown of Virginia Beach, Virginia, will mark one of the biggest high-yield deals so far this year.

In a two-part transaction split between the Virginia Small Business Financing Authority and the Atlantic Park Community Development Authority, the issuers plan to sell a combined $121 million of unrated revenue bonds on behalf of private developer Venture Realty Group.