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Rio Mesa Partners starts tender offer for $14.5 million of defaulted municipal bonds
By Caroline Salls
Pittsburgh, Feb. 15 - Rio Mesa Partners, LLC will solicit tenders from owners of $14.5 million of some of its defaulted municipal bond issues, according to a company news release.
The solicitation will apply to $3.98 million of the company's Jensen Ranch Public Financing Authority 1996 bonds; $2.68 million of its Four Corners Public Financing Authority 1997 bonds; $3.5 million of its Sierra Foothills Public Financing Authority 1998 COPs and $1.35 million of Sierra 1999 COPs; $1.5 million of Sierra Foothills Public Utility District 2000 A bonds and Sierra Utility District's 2000 B COPs.
Rio Mesa will pay 52% of par for the Jensen Ranch bonds, 37% for the Four Corners bonds, 35% for the Sierra Foothills 1998 COPS, 20% for the 1999 COPS, 40% for the 2000 A COPS and 10% for the 2000 B COPS. No accrued interest will be paid.
The tender offers began on Wednesday and will expire at 5 p.m. ET on March 31.
According to the release, all of the defaulted bond issues were underwritten by the now-defunct Pacific Genesis Group, Inc., which had its license revoked by the California Department of Corrections in 2001 for alleged wrongdoings.
The defaulted bonds were to have been repaid from Project Impact Reimbursement Fees and other revenues and collateral associated with the failed development of 1,150 acres north of Fresno, Calif.
Rio Mesa is a San Francisco-based limited liability company jointly created by affiliates of S&Y Capital Group and Pacific Coast Capital Partners with experience in distressed debt and bankruptcy situations affecting California real estate.
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