New Mexico postpones $500 million sale of TRANs

By Sheri Kasprzak

New York, Sept. 22 - The state of New Mexico has delayed pricing its planned $500 million offering of series 2008-2009 tax and revenue anticipation notes a full day ahead of the sale date.

The bonds had been scheduled for pricing Tuesday, but the offering will now be priced at a later date, a sellside source close to the deal said.

"We're just monitoring the market right now and hoping things improve," said the sellsider.

"Market conditions are just too shaky, and we're just feeling things out now."

The notes (MIG1/SP-1+/) will be sold on a competitive basis with Fiscal Strategies Group as financial adviser.

The notes are due June 30, 2009.

Proceeds will be used to pay for capital expenses incurred before taxes and other revenues for the 2008-2009 fiscal year can be collected.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.