By Sheri Kasprzak
New York, May 15 - The Arizona Sports and Tourism Authority priced $53.5 million in series 2008 senior variable-rate demand revenue refunding bonds, said Chuck Foley, the authority's chief financial officer, Thursday.
The bonds (A2//A-) have an initial rate of 1.9%, and the rate resets weekly. The bonds are due 2036, Foley said.
RBC Capital Markets was the lead manager for the negotiated sale.
Proceeds will be used to refund the authority's $53 million in series 2005A variable-rate demand revenue bonds, which were used to construct a multipurpose stadium facility in Maricopa County, Ariz.
| Issuer: | Arizona Sports and Tourism Authority
|
| Issue: | Series 2008 senior variable-rate demand revenue refunding bonds
|
| Amount: | $53.5 million
|
| Type: | Negotiated
|
| Maturity: | 2036
|
| Coupon: | 1.9% initial rate, reset weekly
|
| Price: | Par
|
| Underwriter: | RBC Capital Markets
|
| Ratings: | Moody's: A2
|
| Fitch: A-
|
| Pricing date: | May 15
|
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