Lombard Public Facilities misses payments due July 1 on revenue bonds

By Caroline Salls

Pittsburgh, July 8 – Lombard Public Facilities Corp. announced that accelerated interest and principal payments due July 1 on its series 2005A-1 and series 2005A-2 conference center and hotel first-tier revenue bonds and its series 2005B conference center and hotel second-tier revenue bonds went unpaid, according to a news release.

The company said $66.46 million of accelerated principal and interest due July 1 on the series 2005A-1 bonds and $46.8 million of accelerated principal and interest due on the series 2005B bonds went unpaid.

Indenture trustee Amalgamated Bank of Chicago issued a notice of default on the series 2005A-1 bonds and the series 2005B bonds as a result of the missed payment.

Lombard said ACA Financial Guaranty Corp. paid $957,535 of principal and interest for the July 1 debt service payment on Lombard’s series 2005A-2 conference center and hotel first-tier revenue bonds, but $55.2 million of accelerated principal and interest went unpaid on the series 2005A-2 bonds.

In addition, the company said a $1.91 million debt service payment scheduled for July 1 on its series 2005C, series 2006C-2 and series 2006C-3 conference center and hotel third-tier revenue bonds was unpaid and will accrue for future payment.

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