Munichain https://www.munichain.com/ The latest posts from Munichain News. Thu, 21 Nov 2024 08:28:14 GMT https://validator.w3.org/feed/docs/rss2.html https://github.com/jpmonette/feed en Munichain <![CDATA[Minnesota Sells $1.6 Bln in Bonds]]> https://munichain.com/news/minnesota-sells-1-6-bln-in-bonds https://munichain.com/news/minnesota-sells-1-6-bln-in-bonds Fri, 16 Aug 2024 20:28:25 GMT <![CDATA[Alaska Issues $190 Million in Bonds]]> https://munichain.com/news/alaska-issues-190-million-in-bonds https://munichain.com/news/alaska-issues-190-million-in-bonds Fri, 16 Aug 2024 20:27:35 GMT <![CDATA[Detroit Convention Authority Issues $109 Million in Bonds]]> https://munichain.com/news/detroit-convention-authority-issues-109-million-in-bonds https://munichain.com/news/detroit-convention-authority-issues-109-million-in-bonds Thu, 15 Aug 2024 16:37:06 GMT <![CDATA[Florida Remarkets $985 Mln in Railroad Bonds]]> https://munichain.com/news/florida-remarkets-985-mln-in-railroad-bonds https://munichain.com/news/florida-remarkets-985-mln-in-railroad-bonds Thu, 15 Aug 2024 16:35:53 GMT <![CDATA[Western NY County Sells $45 Million in Bonds for D’Youville University]]> https://munichain.com/news/western-ny-county-sells-45-million-in-bonds-for-dyouville-university https://munichain.com/news/western-ny-county-sells-45-million-in-bonds-for-dyouville-university Wed, 14 Aug 2024 11:52:11 GMT <![CDATA[Florida Issues $361 Mln in Highway Bonds]]> https://munichain.com/news/florida-issues-361-mln-in-highway-bonds https://munichain.com/news/florida-issues-361-mln-in-highway-bonds Wed, 14 Aug 2024 11:50:00 GMT <![CDATA[Vermont Issues $49 Min in Bonds]]> https://munichain.com/news/vermont-issues-49-min-in-bonds https://munichain.com/news/vermont-issues-49-min-in-bonds Tue, 13 Aug 2024 15:59:59 GMT <![CDATA[Glendale Sells $167 Million in Electricity Bonds]]> https://munichain.com/news/glendale-sells-167-million-in-electricity-bonds https://munichain.com/news/glendale-sells-167-million-in-electricity-bonds Tue, 13 Aug 2024 15:58:56 GMT <![CDATA[Mississippi Issues $43 Million in Community College Bonds]]> https://munichain.com/news/mississippi-issues-43-million-in-community-college-bonds https://munichain.com/news/mississippi-issues-43-million-in-community-college-bonds Mon, 12 Aug 2024 12:30:16 GMT <![CDATA[Long Island Power Authority Sells $1 Bln in Bonds]]> https://munichain.com/news/long-island-power-authority-sells-1-bln-in-bonds https://munichain.com/news/long-island-power-authority-sells-1-bln-in-bonds Mon, 12 Aug 2024 12:28:52 GMT <![CDATA[Georgia County Issues $200 Mln in Soccer Bonds]]> https://munichain.com/news/georgia-county-issues-200-mln-in-soccer-bonds https://munichain.com/news/georgia-county-issues-200-mln-in-soccer-bonds Fri, 09 Aug 2024 13:25:08 GMT <![CDATA[Portland Sells $600 Million in Airport Bonds]]> https://munichain.com/news/portland-sells-600-million-in-airport-bonds https://munichain.com/news/portland-sells-600-million-in-airport-bonds Fri, 09 Aug 2024 13:23:36 GMT <![CDATA[Exurban Dallas School District Issues $100 Million in Bonds]]> https://munichain.com/news/exurban-dallas-school-district-issues-100-million-in-bonds https://munichain.com/news/exurban-dallas-school-district-issues-100-million-in-bonds Thu, 08 Aug 2024 16:59:57 GMT <![CDATA[Seattle County Sells $393 Mln in Sewer Bonds]]> https://munichain.com/news/seattle-county-sells-393-mln-in-sewer-bonds https://munichain.com/news/seattle-county-sells-393-mln-in-sewer-bonds Thu, 08 Aug 2024 16:58:57 GMT <![CDATA[Florida City Issues $137 Million in Bonds]]> https://munichain.com/news/florida-city-issues-137-million-in-bonds https://munichain.com/news/florida-city-issues-137-million-in-bonds Wed, 07 Aug 2024 18:37:19 GMT <![CDATA[New Jersey Hospital Sells $400 Mln in Notes]]> https://munichain.com/news/new-jersey-hospital-sells-400-mln-in-notes https://munichain.com/news/new-jersey-hospital-sells-400-mln-in-notes Wed, 07 Aug 2024 18:36:28 GMT <![CDATA[Twin Cities Airport Issues $671 Million in Bonds]]> https://munichain.com/news/twin-cities-airport-issues-671-million-in-bonds https://munichain.com/news/twin-cities-airport-issues-671-million-in-bonds Tue, 06 Aug 2024 14:18:12 GMT <![CDATA[Minnesota Sells $225 Mln in Housing Bonds]]> https://munichain.com/news/minnesota-sells-225-mln-in-housing-bonds https://munichain.com/news/minnesota-sells-225-mln-in-housing-bonds Tue, 06 Aug 2024 14:16:50 GMT <![CDATA[Northern VA County Issues $368 Million in Hospital Bonds]]> https://munichain.com/news/northern-va-county-issues-368-million-in-hospital-bonds https://munichain.com/news/northern-va-county-issues-368-million-in-hospital-bonds Mon, 05 Aug 2024 13:04:40 GMT <![CDATA[Alabama Energy Supplier Sells $639 Mln in Bonds]]> https://munichain.com/news/alabama-energy-supplier-sells-639-mln-in-bonds https://munichain.com/news/alabama-energy-supplier-sells-639-mln-in-bonds Mon, 05 Aug 2024 13:03:17 GMT <![CDATA[Virginia Sells $175 Mln in Bonds]]> https://munichain.com/news/virginia-sells-175-mln-in-bonds https://munichain.com/news/virginia-sells-175-mln-in-bonds Fri, 02 Aug 2024 15:50:38 GMT <![CDATA[New York City Issues $1.1 Billion in Bonds]]> https://munichain.com/news/new-york-city-issues-1-1-billion-in-bonds https://munichain.com/news/new-york-city-issues-1-1-billion-in-bonds Fri, 02 Aug 2024 15:49:07 GMT <![CDATA[Maryland Sells $40 Million in Bonds for College of Art]]> https://munichain.com/news/maryland-sells-40-million-in-bonds-for-college-of-art https://munichain.com/news/maryland-sells-40-million-in-bonds-for-college-of-art Thu, 01 Aug 2024 19:30:20 GMT <![CDATA[North Dakota Sells $30 Mln in Bonds for State College]]> https://munichain.com/news/north-dakota-sells-30-mln-in-bonds-for-state-college https://munichain.com/news/north-dakota-sells-30-mln-in-bonds-for-state-college Thu, 01 Aug 2024 19:29:00 GMT <![CDATA[Miami-Dade Sells $918 Mln in Airport Bonds]]> https://munichain.com/news/miami-dade-sells-918-mln-in-airport-bonds https://munichain.com/news/miami-dade-sells-918-mln-in-airport-bonds Wed, 31 Jul 2024 13:27:36 GMT <![CDATA[South Carolina Utility Issues $1.3 Billion in Bonds]]> https://munichain.com/news/south-carolina-utility-issues-1-3-billion-in-bonds https://munichain.com/news/south-carolina-utility-issues-1-3-billion-in-bonds Wed, 31 Jul 2024 13:26:36 GMT <![CDATA[Connecticut Issues $214 Mln in Bonds]]> https://munichain.com/news/connecticut-issues-214-mln-in-bonds https://munichain.com/news/connecticut-issues-214-mln-in-bonds Tue, 30 Jul 2024 12:40:23 GMT <![CDATA[San Francisco Sells $1.1 Bln in Water Bonds]]> https://munichain.com/news/san-francisco-sells-1-1-bln-in-water-bonds https://munichain.com/news/san-francisco-sells-1-1-bln-in-water-bonds Tue, 30 Jul 2024 12:38:46 GMT <![CDATA[Detroit Issues $46 Million in Bonds]]> https://munichain.com/news/detroit-issues-46-million-in-bonds https://munichain.com/news/detroit-issues-46-million-in-bonds Mon, 29 Jul 2024 12:20:29 GMT <![CDATA[University of California Sells $1.7 Bln in Bonds]]> https://munichain.com/news/university-of-california-sells-1-7-bln-in-bonds https://munichain.com/news/university-of-california-sells-1-7-bln-in-bonds Mon, 29 Jul 2024 12:19:12 GMT <![CDATA[Memphis Sells $135 Mln in Bonds]]> https://munichain.com/news/memphis-sells-135-mln-in-bonds https://munichain.com/news/memphis-sells-135-mln-in-bonds Fri, 26 Jul 2024 14:45:00 GMT <![CDATA[Portland Issues $154 Million in Water Bonds]]> https://munichain.com/news/portland-issues-154-million-in-water-bonds https://munichain.com/news/portland-issues-154-million-in-water-bonds Fri, 26 Jul 2024 14:43:38 GMT <![CDATA[Seattle Museum Authority Issues $18 Million in Bonds]]> https://munichain.com/news/seattle-museum-authority-issues-18-million-in-bonds https://munichain.com/news/seattle-museum-authority-issues-18-million-in-bonds Thu, 25 Jul 2024 13:22:17 GMT <![CDATA[San Diego School District Sells $200 Mln in Notes]]> https://munichain.com/news/san-diego-school-district-sells-200-mln-in-notes https://munichain.com/news/san-diego-school-district-sells-200-mln-in-notes Thu, 25 Jul 2024 13:21:27 GMT <![CDATA[DC Water and Sewer Issues $506 Million in Bonds]]> https://munichain.com/news/dc-water-and-sewer-issues-506-million-in-bonds https://munichain.com/news/dc-water-and-sewer-issues-506-million-in-bonds Wed, 24 Jul 2024 12:53:13 GMT <![CDATA[NYC Sells $2.5 Bln in Bonds]]> https://munichain.com/news/nyc-sells-2-5-bln-in-bonds https://munichain.com/news/nyc-sells-2-5-bln-in-bonds Wed, 24 Jul 2024 12:52:21 GMT <![CDATA[Nashville Issues $320 Mln in Bonds for Vanderbilt University]]> https://munichain.com/news/nashville-issues-320-mln-in-bonds-for-vanderbilt-university https://munichain.com/news/nashville-issues-320-mln-in-bonds-for-vanderbilt-university Tue, 23 Jul 2024 12:30:44 GMT <![CDATA[Maine Sells $67 Mln in Bonds for Colby College]]> https://munichain.com/news/maine-sells-67-mln-in-bonds-for-colby-college https://munichain.com/news/maine-sells-67-mln-in-bonds-for-colby-college Tue, 23 Jul 2024 12:29:49 GMT <![CDATA[Ohio Issues $200 Million in Water Bonds]]> https://munichain.com/news/ohio-issues-200-million-in-water-bonds https://munichain.com/news/ohio-issues-200-million-in-water-bonds Mon, 22 Jul 2024 12:50:01 GMT <![CDATA[MTA Sells $388 Mln in Bonds]]> https://munichain.com/news/mta-sells-388-mln-in-bonds https://munichain.com/news/mta-sells-388-mln-in-bonds Mon, 22 Jul 2024 12:48:54 GMT <![CDATA[Florida Capital Issues $181 Million in Bonds]]> https://munichain.com/news/florida-capital-issues-181-million-in-bonds https://munichain.com/news/florida-capital-issues-181-million-in-bonds Fri, 19 Jul 2024 14:10:20 GMT <![CDATA[Texas County Sells $746 Mln in Infrastructure Bonds]]> https://munichain.com/news/texas-county-sells-746-mln-in-infrastructure-bonds https://munichain.com/news/texas-county-sells-746-mln-in-infrastructure-bonds Fri, 19 Jul 2024 14:09:12 GMT <![CDATA[University of South Alabama Issues $93 Million in Bonds]]> https://munichain.com/news/university-of-south-alabama-issues-93-million-in-bonds https://munichain.com/news/university-of-south-alabama-issues-93-million-in-bonds Thu, 18 Jul 2024 14:09:19 GMT <![CDATA[Houston Sells $734 Mln in Bonds]]> https://munichain.com/news/houston-sells-734-mln-in-bonds https://munichain.com/news/houston-sells-734-mln-in-bonds Thu, 18 Jul 2024 14:08:23 GMT <![CDATA[Texas Issues $250 Million in Housing Bonds]]> https://munichain.com/news/texas-issues-250-million-in-housing-bonds https://munichain.com/news/texas-issues-250-million-in-housing-bonds Wed, 17 Jul 2024 16:28:19 GMT <![CDATA[South Florida School District Sells $270 Mln in Notes]]> https://munichain.com/news/south-florida-school-district-sells-270-mln-in-notes https://munichain.com/news/south-florida-school-district-sells-270-mln-in-notes Wed, 17 Jul 2024 16:26:46 GMT <![CDATA[Virginia City Issues $78 Mln in Bonds]]> https://munichain.com/news/virginia-city-issues-78-mln-in-bonds https://munichain.com/news/virginia-city-issues-78-mln-in-bonds Tue, 16 Jul 2024 17:49:52 GMT <![CDATA[NY Housing Authority Sells $1.2 Bln in Bonds]]> https://munichain.com/news/ny-housing-authority-sells-1-2-bln-in-bonds https://munichain.com/news/ny-housing-authority-sells-1-2-bln-in-bonds Tue, 16 Jul 2024 17:48:53 GMT <![CDATA[Atlanta Issues $300 Million in Notes]]> https://munichain.com/news/atlanta-issues-300-million-in-notes https://munichain.com/news/atlanta-issues-300-million-in-notes Mon, 15 Jul 2024 13:01:54 GMT <![CDATA[Baltimore County Sells $382 Mln in Bonds]]> https://munichain.com/news/baltimore-county-sells-382-mln-in-bonds https://munichain.com/news/baltimore-county-sells-382-mln-in-bonds Mon, 15 Jul 2024 13:00:20 GMT
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<![CDATA[ Minnesota Sells $1.6 Bln in Bonds ]]>
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<![CDATA[ Minnesota issued $1.6 billion in bonds to finance a series of capital improvements across the state. Minnesota sold the bonds in five series. All are general obligations of the state, backed by its full faith and credit. The securities received a rating of AAA from Fitch Ratings, Aaa from Moody’s Investors Service, and AAA from ]]>
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<![CDATA[ Minnesota issued $1.6 billion in bonds to finance a series of capital improvements across the state. Minnesota sold the bonds in five series. All are general obligations of the state, backed by its full faith and credit. The securities received a rating of AAA from Fitch Ratings, Aaa from Moody’s Investors Service, and AAA from S&amp;P Global Ratings. The rating reflects “the state’s steadily growing and broad-based economy, highly educated workforce, expanding population and a revenue structure well-designed to capture economic growth,” Fitch analysts wrote. Minnesota will use the bond proceeds for various purposes. It will spend $978 million on a broad set of capital improvements, $352.8 million specifically on upgrades to the state highway system, and $331.4 million on refunding previously issued securities. “The money raised from the bond sale will help build and maintain assets throughout the state, improving the infrastructure that Minnesotans rely on every day,” Minnesota Management and Budget Commissioner Erin Campbell said in a press release. Projects in the largest disbursement are typically related to education, parks, pollution control, transportation, and agriculture, according to the official statement accompanying the sale of the bonds. The refunding will lead to economic savings, the Minnesota Department of Management and Budget said. BofA Securities, Inc, J.P. Morgan Securities LLC, Piper Sandler &amp; Co, and RBC Capital Markets, LLC served as underwriters on the issuance. Public Resources Advisory Group, Inc acted as municipal advisor. ]]>
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<![CDATA[ Alaska Issues $190 Million in Bonds ]]>
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<pubDate>Fri, 16 Aug 2024 20:27:35 GMT</pubDate>
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<![CDATA[ Alaska sold $190.4 million in bonds to refund previously issued securities.&nbsp; The state sold $107.5 million in forward-delivery Series 2025A bonds and $82.9 million in Series 2024B bonds. The 2025A bonds, which are scheduled to be delivered in May of next year, mature between 2026 and 2035, yielding between 3.05% and 3.25%. The 2024B bonds ]]>
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<![CDATA[ Alaska sold $190.4 million in bonds to refund previously issued securities.&nbsp; The state sold $107.5 million in forward-delivery Series 2025A bonds and $82.9 million in Series 2024B bonds. The 2025A bonds, which are scheduled to be delivered in May of next year, mature between 2026 and 2035, yielding between 3.05% and 3.25%. The 2024B bonds also mature between 2026 and 2035, yielding between 2.61% and 2.87%. All of the bonds pay interest at 5%.&nbsp; The securities received a rating of AA from Kroil Bond Rating Agency, Aa3 from Moody’s Investors Service, and AA from S&amp;P Global Ratings, which upgraded Alaska from AA- in April. “Alaska’s credit profile benefits from the build-up and maintenance of very strong liquidity and high reserve balances in its constitutional budget reserve fund,” S&amp;P analyst Thomas Zemetis said in a press release.&nbsp; Alaska’s economy depends heavily on petroleum production, making it susceptible to turbulence in global energy markets that traders fear could worsen if all-out war breaks out in the Middle East. Oil revenue made up 44% of the state’s unrestricted revenue last year, according to the official statement accompanying the sale of the bonds. Energy markets are now on edge over fears of escalating conflict between Israel and Iran. Last month, Hamas political leader Ismail Haniyeh was killed in the Iranian capital of Tehran, an assassination Iran attributes to Israel. Last weekend, Israel raised its military to the highest level of alert to brace for Iranian retaliation. Analysts note that Alaska’s balance sheet carries a cushion for market fluctuations. The state’s liquidity and reserves give it flexibility in managing swings in global energy prices, Zemetis said.  Alaska will use the issuance proceeds to purchase and refund bonds that it sold in 2015 and 2016. The bonds are general obligations of the state, backed by its full faith and credit. Jefferies LLC and Goldman Sachs &amp; Co LLC served as underwriters on the issuance, purchasing the bonds for $209.6 million. The price reflected a premium of more than $19 million. Masterson Advisors LLC acted as municipal advisor. ]]>
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<![CDATA[ Detroit Convention Authority Issues $109 Million in Bonds ]]>
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<link>https://munichain.com/news/detroit-convention-authority-issues-109-million-in-bonds</link>
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<pubDate>Thu, 15 Aug 2024 16:37:06 GMT</pubDate>
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<![CDATA[ The Detroit, Michigan, Regional Convention Authority sold $109.2 million in bonds to refund previously issued securities.&nbsp; The bonds mature between 2025 and 2039, yielding between 3.05% and 3.48%. They pay interest at 5%. The securities received a rating of AA- from Fitch Ratings and A+ from S&amp;P Global Ratings. The rating “reflects the substantial coverage ]]>
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<![CDATA[ The Detroit, Michigan, Regional Convention Authority sold $109.2 million in bonds to refund previously issued securities.&nbsp; The bonds mature between 2025 and 2039, yielding between 3.05% and 3.48%. They pay interest at 5%. The securities received a rating of AA- from Fitch Ratings and A+ from S&amp;P Global Ratings. The rating “reflects the substantial coverage cushion in place to absorb any future revenue volatility,” as well as growth prospects in line with inflation, Fitch analysts wrote. The authority will use the issuance proceeds to refund bonds that the Michigan Finance Authority sold on its behalf in 2014. The authority has ambitious capital plans. In January, it unveiled a proposal to build a tunnel and sky bridge to connect the convention center to a 600-room hotel being built nearby. The project could cost up to $70 million, the Detroit News reported. Since 2009, the Detroit Regional Convention Authority has managed Huntington Place, the 16th-largest convention center in the United States. The bonds are limited obligations of the authority, secured by excise taxes on alcohol and cigarettes and hotel taxes. J.P. Morgan Securities LLC served as underwriter on the issuance, purchasing the bonds for $120.6 million. The price reflected a premium of more than $11 million. Masterson Advisors LLC acted as municipal advisor. ]]>
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<![CDATA[ Florida Remarkets $985 Mln in Railroad Bonds ]]>
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<link>https://munichain.com/news/florida-remarkets-985-mln-in-railroad-bonds</link>
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<pubDate>Thu, 15 Aug 2024 16:35:53 GMT</pubDate>
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<![CDATA[ The Florida Development Finance Corporation (FDC) remarketed $985 million in bonds to finance a passenger rail project in the southern part of the state. The bonds mature in 2057 and pay interest at a term rate of 8.25%. They carry a mandatory tender date in February 2025.&nbsp; FDC will loan the bond proceeds to Brightline ]]>
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<![CDATA[ The Florida Development Finance Corporation (FDC) remarketed $985 million in bonds to finance a passenger rail project in the southern part of the state. The bonds mature in 2057 and pay interest at a term rate of 8.25%. They carry a mandatory tender date in February 2025.&nbsp; FDC will loan the bond proceeds to Brightline Florida Holdings LLC, a company best known for developing intercity rail in Florida. The line from Miami to Orlando is the only private railroad in the United States. Brightline has plans to build high-speed rail across the country. In April, it began construction on a line that will connect Las Vegas, Nevada, with the suburbs of Los Angeles, California. In Florida, it is planning to connect Tampa to its existing Orlando infrastructure.&nbsp; Investors should examine the Orlando-Tampa project in connection with the remarketing, according to the official statement accompanying the sale of the bonds. “Management believes that the Orlando-Tampa Project, once fully ramped-up, would generate millions of additional riders per year and significant incremental revenue,” the bond documents read.&nbsp; But several challenges remain, including a significant reliance on third parties in the complex railroad supply chain. The bond documents list “new trade regulations” as a factor that would make procurement of supplies more difficult; Republican presidential nominee Donald Trump has proposed a universal tariff on imports. The remarketing includes bonds that FDC sold on behalf of Brightline last year, as well as additional bonds it previously remarketed for the company. The bonds are special, limited obligations of FDC, secured by Brightline revenue. Morgan Stanley &amp; Co LLC served as remarketing agent on the issuance. PFM Financial Advisors LLC acted as municipal advisor. ]]>
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<![CDATA[ Western NY County Sells $45 Million in Bonds for D&#8217;Youville University ]]>
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<link>https://munichain.com/news/western-ny-county-sells-45-million-in-bonds-for-dyouville-university</link>
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<pubDate>Wed, 14 Aug 2024 11:52:11 GMT</pubDate>
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<![CDATA[ The Buffalo and Erie County Industrial Land Development Corporation issued $44.9 million in taxable bonds to finance the development of an osteopathic medical school at D’Youville University. The bonds mature in 2030 and pay interest at 8.375%. They received a rating of BBB- from S&amp;P Global Ratings, which downgraded the university from BBB. The corporation ]]>
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<![CDATA[ The Buffalo and Erie County Industrial Land Development Corporation issued $44.9 million in taxable bonds to finance the development of an osteopathic medical school at D’Youville University. The bonds mature in 2030 and pay interest at 8.375%. They received a rating of BBB- from S&amp;P Global Ratings, which downgraded the university from BBB. The corporation will loan the bond proceeds to D’Youville, a private university in Buffalo, New York. “The lower rating reflects our view of D’Youville’s weakened financial resource ratios, with a significant decline in cash and investments in recent years and increased debt to finance startup costs for a new osteopathic medicine program,” S&amp;P analyst Megan Kearns said in a press release. D’Youveville is one of many smaller colleges and universities that have seen their financial conditions worsen since the COVID-19 pandemic upended higher education. D’Youville, which enrolls 1,992 students, has seen the value of its total investments decrease by 22% over the past three years, according to the official statement accompanying the sale of the bonds. Enrollment has fallen by 17% since 2019, according to the bond documents. The university is hoping that a new school of medicine will help reverse its financial woes. It will use the bond proceeds to fund development costs for a school of osteopathic medicine, for which it is currently seeking accreditation. D’Youville plans to open the school next year for 90 students to matriculate, but it doesn’t anticipate receiving accreditation until 2029.&nbsp; This constitutes a bit of gamble for matriculating students. If the school doesn’t receive accreditation that year, when its first class is poised to graduate, the university will shutter the osteopathic program. The bonds are limited obligations of the Buffalo and Erie County Industrial Land Development Corporation, secured by revenue D’Youville has pledged toward loan repayment. Loop Capital Markets LLC served as underwriter on the issuance. ]]>
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<![CDATA[ Florida Issues $361 Mln in Highway Bonds ]]>
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<link>https://munichain.com/news/florida-issues-361-mln-in-highway-bonds</link>
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<pubDate>Wed, 14 Aug 2024 11:50:00 GMT</pubDate>
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<![CDATA[ The Central Florida Expressway Authority (CFX) sold $361 million in bonds to finance improvements to road infrastructure in the center of the Sunshine State. The authority issued $145.4 million in Series A bonds and $215.6 million in Series B bonds. The Series A bonds mature between 2025 and 2054, yielding between 2.94% and 4.06%. The ]]>
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<![CDATA[ The Central Florida Expressway Authority (CFX) sold $361 million in bonds to finance improvements to road infrastructure in the center of the Sunshine State. The authority issued $145.4 million in Series A bonds and $215.6 million in Series B bonds. The Series A bonds mature between 2025 and 2054, yielding between 2.94% and 4.06%. The Series B bonds mature between 2029 and 2035, yielding between 2.95% and 3.21%. All of the bonds pay interest at 5%. The securities received an underlying rating of A1 from Moody’s Investors Service and AA- from S&amp;P Global Ratings, which assigned an insured rating of AA. Moody’s revised the authority’s outlook to positive from stable. The revision “reflects our view that CFX’s importance as a regional transportation network continues to grow and that revenue increases will outweigh the negative impacts from capital needs,” Moody’s analysts wrote. The expressway authority will use the issuance proceeds to fund its capital improvement plan. CFX’s five-year work plan, which runs from fiscal year 2025 through FY 2029, includes 181 projects that the authority estimates will cost a combined $4.17 billion, according to the official statement accompanying the sale of the bonds. CFX runs almost 1,000 lane miles of toll roads in the Orlando area. The bonds are limited obligations of the expressway authority, secured by revenue it has pledged toward debt service. J.P. Morgan Securities LLC served as lead underwriter on the issuance, purchasing the bonds for $404.5 million. The price reflected a premium of $44.6 million and a discount of $1.2 million. PFM Financial Advisors LLC acted as municipal advisor.&nbsp; ]]>
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<![CDATA[ Vermont Issues $49 Min in Bonds ]]>
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<link>https://munichain.com/news/vermont-issues-49-min-in-bonds</link>
<guid>https://munichain.com/news/vermont-issues-49-min-in-bonds</guid>
<pubDate>Tue, 13 Aug 2024 15:59:59 GMT</pubDate>
<description>
<![CDATA[ The Vermont Bond Bank sold $48.5 million in bonds to finance loans to 11 local governmental units in the state. The bonds mature between 2025 and 2054, yielding between 2.8% and 4.175%. They received a rating of Aa2 from Moody’s Investors Service and AA+ from S&amp;P Global Ratings. “The rating reflects our view of the ]]>
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<![CDATA[ The Vermont Bond Bank sold $48.5 million in bonds to finance loans to 11 local governmental units in the state. The bonds mature between 2025 and 2054, yielding between 2.8% and 4.175%. They received a rating of Aa2 from Moody’s Investors Service and AA+ from S&amp;P Global Ratings. “The rating reflects our view of the bond bank’s very strong enterprise risk profile,” S&amp;P analyst Autumn Mascio said in a press release. The bond bank will loan the plurality of the proceeds, some $20.8 million, to Hartford Town School District. It will lend an additional $1.3 million to the town of Hartford, a municipality on the New Hampshire border with a population of around 10,000 people. Lending to school districts will take up two-third of the bond proceeds. The remainder will go directly to Vermont towns and cities for various purposes. The Vermont legislature created the bond bank in 1969, making it the first such bank in the United States. It buys bonds from municipalities in the state to finance infrastructure projects. The bank currently has 488 loans outstanding, totaling $532 million in financing, according to its website. The bonds are general obligations of the bond bank, secured by the municipal bonds it purchases. BofA Securities, Inc served as underwriter on the issuance. Omnicap Group LLC acted as financial advisor. ]]>
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<![CDATA[ Glendale Sells $167 Million in Electricity Bonds ]]>
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<link>https://munichain.com/news/glendale-sells-167-million-in-electricity-bonds</link>
<guid>https://munichain.com/news/glendale-sells-167-million-in-electricity-bonds</guid>
<pubDate>Tue, 13 Aug 2024 15:58:56 GMT</pubDate>
<description>
<![CDATA[ Glendale, California, issued $166.7 million in bonds to finance the development of two renewable power projects. The bonds mature between 2025 and 2054, yielding between 2.58% and 3.73%. They pay interest at 5%. The securities received a rating of A+ from Fitch Ratings and A+ from S&amp;P Global Ratings. Glendale Water and Power (GWP), the ]]>
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<![CDATA[ Glendale, California, issued $166.7 million in bonds to finance the development of two renewable power projects. The bonds mature between 2025 and 2054, yielding between 2.58% and 3.73%. They pay interest at 5%. The securities received a rating of A+ from Fitch Ratings and A+ from S&amp;P Global Ratings. Glendale Water and Power (GWP), the city’s electricity utility, will use the proceeds to fund projects at Grayson Power Plant and the Scholl Canyon Landfill.  “Both projects are integral to GWP’s resource plan to provide a diversified and reliable resource portfolio while also achieving California’s renewable and clean energy goals,” Fitch analysts wrote. The Grayson project involves replacing “aged, unreliable, inefficient, and high maintenance equipment,” at a natural gas-powered plant, according to a city government website. The new equipment will be more effective at preserving energy, making it more sustainable. But it will still run on natural gas, which is less sustainable than renewable technologies like wind and solar. The Scholl Canyon project involves harnessing the biogas emissions from the landfill and turning them into energy. This is the second of three planned debt issuances to fund the two projects, which are estimated to cost $610 million. In February, Glendale sold $219 million in bonds to support them. Glendale is a city in Los Angeles County with a population of 190,000 people. The bonds are limited obligations of the city, payable by net revenue from its electricity system. BofA Securities, Inc served as lead underwriter on the issuance, purchasing the bonds for $187.6 million. The price reflected a premium of about $21 million. PFM Financial Advisors LLC acted as municipal advisor. ]]>
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<![CDATA[ Mississippi Issues $43 Million in Community College Bonds ]]>
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<link>https://munichain.com/news/mississippi-issues-43-million-in-community-college-bonds</link>
<guid>https://munichain.com/news/mississippi-issues-43-million-in-community-college-bonds</guid>
<pubDate>Mon, 12 Aug 2024 12:30:16 GMT</pubDate>
<description>
<![CDATA[ The Mississippi Development Bank sold $42.5 million in bonds to finance upgrades to a public community college outside of Jackson, the state capital. The bonds mature between 2025 and 2049, yielding between 3.16% and 4.18%. They received an insured rating of AA from S&amp;P Global Ratings, which assigned an underlying rating of AA- and a ]]>
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<![CDATA[ The Mississippi Development Bank sold $42.5 million in bonds to finance upgrades to a public community college outside of Jackson, the state capital. The bonds mature between 2025 and 2049, yielding between 3.16% and 4.18%. They received an insured rating of AA from S&amp;P Global Ratings, which assigned an underlying rating of AA- and a negative outlook. The bank will loan the bond proceeds to the Hinds Community College District, which has five campuses in the Jackson area. Its main campus is in Raymond, a town of less than two thousand people about 15 miles west of the state capital. The issuance will go toward improving facilities in a district that has struggled to recover from the COVID-19 pandemic. The district enrolled 12,462 students in 2023, a little more than half the 21,664 students that it enrolled in 2019. “Those enrollment trends are troubling,” the bond documents read. Enrollment growth is a component of a state formula that determines appropriations to community colleges. Hinds will use the proceeds to fund the construction of new buildings and the renovation of old ones, including a nursing school and wellness center.&nbsp; The Mississippi legislature created the Mississippi Development Bank in 1986 to raise money, via bonds, to loan to local government units. The Hinds bonds are special obligations of the bank, secured by loan repayments from the community college district.  Raymond James &amp; Associates, Inc served as underwriter on the issuance, purchasing the bonds for $45 million. The price reflected a premium of $3 million and a discount of $537,000. Municipal Advisors of Mississippi, Inc acted as financial advisor. ]]>
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<![CDATA[ Long Island Power Authority Sells $1 Bln in Bonds ]]>
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<link>https://munichain.com/news/long-island-power-authority-sells-1-bln-in-bonds</link>
<guid>https://munichain.com/news/long-island-power-authority-sells-1-bln-in-bonds</guid>
<pubDate>Mon, 12 Aug 2024 12:28:52 GMT</pubDate>
<description>
<![CDATA[ The Long Island Power Authority (LIPA) issued $1 billion in bonds to finance capital improvements and refund previously issued securities.  The authority sold the bonds in two series. The Series 2024A bonds, consisting of $717 million, mature between 2025 and 2054, yielding between 2.6% and 3.73%. The Series 2024B bonds, consisting of $$288.5 million, mature ]]>
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<![CDATA[ The Long Island Power Authority (LIPA) issued $1 billion in bonds to finance capital improvements and refund previously issued securities.  The authority sold the bonds in two series. The Series 2024A bonds, consisting of $717 million, mature between 2025 and 2054, yielding between 2.6% and 3.73%. The Series 2024B bonds, consisting of $$288.5 million, mature in 2049 and yield between 3.2% and 3.25%.&nbsp; The securities received an underlying rating of A+ from Fitch Ratings, A2 from Moody’s Investors Service, and A from S&amp;P Global Ratings. They are expected to receive insured ratings of A1 from Moody’s and AA from S&amp;P. Fitch upgraded LIPA from A. Fitch analysts wrote that their upgrade “reflects LIPA’s improved leverage ratio” and their “expectation that the gradual but consistent deleveraging trend that began in 2015 will continue through 2028.” LIPA has been borrowing less in recent years, in part because it has been using new issuances to retire old ones. The authority will use the issuance proceeds to refund bonds that it sold in 2014 and 2019. LIPA is a state authority that distributes electricity to Long Island, which is home to some 40% of New York’s population. The bond proceeds will support system improvements in addition the refunding. The bonds are special obligations of LIPA, payable by electric system revenue. BofA Securities, Inc served as lead underwriter on the issuance, purchasing the bonds with a discount of $4.4 million. PFM Financial Advisors LLC acted as municipal advisor. ]]>
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<![CDATA[ Georgia County Issues $200 Mln in Soccer Bonds ]]>
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<link>https://munichain.com/news/georgia-county-issues-200-mln-in-soccer-bonds</link>
<guid>https://munichain.com/news/georgia-county-issues-200-mln-in-soccer-bonds</guid>
<pubDate>Fri, 09 Aug 2024 13:25:08 GMT</pubDate>
<description>
<![CDATA[ Georgia’s Fayette County Development Authority sold $200 million in bonds to finance a new headquarters for the U.S. Soccer Federation.&nbsp; The bonds mature between 2026 and 2054, yielding between 3.38% and 4.26%. They received a rating of BBB from Fitch Ratings. The authority will loan the bond proceeds to U.S. Soccer, while will use them ]]>
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<![CDATA[ Georgia’s Fayette County Development Authority sold $200 million in bonds to finance a new headquarters for the U.S. Soccer Federation.&nbsp; The bonds mature between 2026 and 2054, yielding between 3.38% and 4.26%. They received a rating of BBB from Fitch Ratings. The authority will loan the bond proceeds to U.S. Soccer, while will use them to build a training facility and headquarters near Atlanta. The rating “reflects U.S. Soccer’s premier position in the U.S. soccer ecosystem” and “considers the relatively limited but growing fan base of U.S. Soccer and the sport of soccer’s status domestically,” Fitch analysts wrote. U.S. Soccer will take the pitch in Georgia after more than thirty years in Chicago, Illinois. The training center will be a “first-of-its-kind facility” that includes 12 grass soccer fields, a beach field, and a futsal pitch, according to the official statement accompanying the sale of the bonds. Construction began in April, with the goal of opening before the U.S.-cohosted World Cup in 2026. The bonds are special, limited obligations of the Fayette County Development Authority, secured by a deed on the training center and U.S. soccer revenue from sponsorships, tickets, and other sources. Goldman Sachs &amp; Co LLC served as underwriter on the issuance, purchasing the bonds for $215.5 million. The price reflected a premium of $17.1 million and a discount of $1.6 million. ]]>
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<![CDATA[ Portland Sells $600 Million in Airport Bonds ]]>
</title>
<link>https://munichain.com/news/portland-sells-600-million-in-airport-bonds</link>
<guid>https://munichain.com/news/portland-sells-600-million-in-airport-bonds</guid>
<pubDate>Fri, 09 Aug 2024 13:23:36 GMT</pubDate>
<description>
<![CDATA[ The Port of Portland, Oregon, issued $589.9 million in bonds to finance upgrades to Portland International Airport (PDX). The port sold the bonds in two series. The Series Thirty A bonds, consisting of $518.3 million, mature between 2029 and 2054, yielding between 3.49% and 4.35%. The Series Thirty B bonds, consisting of $71.6 million, mature ]]>
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<![CDATA[ The Port of Portland, Oregon, issued $589.9 million in bonds to finance upgrades to Portland International Airport (PDX). The port sold the bonds in two series. The Series Thirty A bonds, consisting of $518.3 million, mature between 2029 and 2054, yielding between 3.49% and 4.35%. The Series Thirty B bonds, consisting of $71.6 million, mature between 2025 and 2044, yielding between 3.48% and 4.13%. The securities received a rating of AA- from Fitch Ratings and AA- from S&amp;P Global Ratings. The rating reflects the airport’s “strong credit fundamentals supported by a sizable origin and destination (O&amp;D) enplanement base and its role as a primary service provider in an expanding metropolitan area,” Fitch analysts wrote. The port will use most of the issuance proceeds to fund PDX’s capital improvement plan. It will spend $431.2 million of the proceeds to fund a portion of a $1.5 billion plan to redevelop the airport’s terminal. The renovated terminal will be able to accommodate more passengers.&nbsp; The issuance comes amid rising demand for flights at PDX. The airport enplaned 7.8 million passengers last year, an 11% increase from the year prior, according to the official statement accompanying the sale of the bonds. But that still fell far short of the 10 million passengers that the airport enplaned in 2019. The port will also use the bond proceeds to refund previously issued securities. The Series Thirty A bonds will refund commercial paper notes, and the Series Thirty B issuance will refund bonds that the port sold in fiscal year 2015. The bonds are limited obligations of the Port of Portland, payable by airport revenue. BofA Securities, Inc served as lead underwriter on the issuance, purchasing the bonds for $638 million. The price reflected a premium of almost $50 million. PFM Financial Advisors LLC acted as municipal advisor. ]]>
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<![CDATA[ Exurban Dallas School District Issues $100 Million in Bonds ]]>
</title>
<link>https://munichain.com/news/exurban-dallas-school-district-issues-100-million-in-bonds</link>
<guid>https://munichain.com/news/exurban-dallas-school-district-issues-100-million-in-bonds</guid>
<pubDate>Thu, 08 Aug 2024 16:59:57 GMT</pubDate>
<description>
<![CDATA[ A school distinct in the southeast exurbs of Dallas sold $98.8 million in bonds to finance improvements to its facilities. The bonds mature between 2028 and 2054, yielding between 2.98% and 4.35%. They received an enhanced rating of AAA from S&amp;P Global Ratings, which assigned an underlying rating of A+. Kaufman Independent School District will ]]>
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<![CDATA[ A school distinct in the southeast exurbs of Dallas sold $98.8 million in bonds to finance improvements to its facilities. The bonds mature between 2028 and 2054, yielding between 2.98% and 4.35%. They received an enhanced rating of AAA from S&amp;P Global Ratings, which assigned an underlying rating of A+. Kaufman Independent School District will use the bond proceeds to build new schools and update old ones. Voters in the district approved the issuance in a May bond election. The issuance comes as the student population increases in Kaufman County, which is about 35 miles from downtown Dallas. Enrollment is up 15% over the past decade, to 4,378 students as of last October, according to the official statement accompanying the sale of the bonds. The district expects to grow by another 1,000 students in the next five years. The increase in enrollment mirrors population gains in the county. The estimated population of the county seat, Kaufman, is up 35% since 2020, according to the bond documents.&nbsp; Texas’ population grew more than any other state’s last year. School districts are adjusting by issuing bonds that finance expansion. Districts in the suburbs of Austin, Fort Worth, and Houston each sold more than $98 million in bonds last week. Kaufman Independent School District’s bonds are direct obligations, payable by property taxes. Frost Bank served as lead underwriter on the issuance. RBC Capital Markets, LLC acted as financial advisor. ]]>
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<![CDATA[ Seattle County Sells $393 Mln in Sewer Bonds ]]>
</title>
<link>https://munichain.com/news/seattle-county-sells-393-mln-in-sewer-bonds</link>
<guid>https://munichain.com/news/seattle-county-sells-393-mln-in-sewer-bonds</guid>
<pubDate>Thu, 08 Aug 2024 16:58:57 GMT</pubDate>
<description>
<![CDATA[ King County, Washington, issued $392.6 million in bonds to finance improvements to its sewer system. The bonds mature between 2025 and 2055, yielding between 2.85% and 3.91%. They received a rating of Aa1 from Moody’s Investors Service and AA+ from S&amp;P Global Ratings. The rating reflects the county sewer system’s large service territory and “incorporates ]]>
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<![CDATA[ King County, Washington, issued $392.6 million in bonds to finance improvements to its sewer system. The bonds mature between 2025 and 2055, yielding between 2.85% and 3.91%. They received a rating of Aa1 from Moody’s Investors Service and AA+ from S&amp;P Global Ratings. The rating reflects the county sewer system’s large service territory and “incorporates the system’s seniority in the flow of funds relative to a typical municipal retail service provider,” Moody’s analysts wrote. King County, which includes Seattle and its eastern suburbs and is the largest in Washington, will use the proceeds to fund its sewer system’s capital improvement plan. The plan calls for some $8.2 billion in expenditures over the next decade, according to the official statement accompanying the sale of the bonds. Earlier this year, King County committed to investing $10 billion over the next ten years to reduce pollution in local waterways, repair aging infrastructure, and build new infrastructure that is resilient to climate change.&nbsp; Some of that funding will come from federal coffers. In March, it won a $500 million loan from the U.S. Environmental Protection Agency to fund 14 projects that improve water quality. The county will also use the bond proceeds to refund sewer bonds that it sold in 2014. The bonds are special limited obligations of King County, payable by net revenue from its sewer enterprise.&nbsp; BofA Securities, Inc served as lead underwriter on the issuance, purchasing the bonds for $445 million. The price reflected a premium of $53 million. Piper Sandler &amp; Co acted as municipal advisor. ]]>
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<![CDATA[ Florida City Issues $137 Million in Bonds ]]>
</title>
<link>https://munichain.com/news/florida-city-issues-137-million-in-bonds</link>
<guid>https://munichain.com/news/florida-city-issues-137-million-in-bonds</guid>
<pubDate>Wed, 07 Aug 2024 18:37:19 GMT</pubDate>
<description>
<![CDATA[ Lakeland, Florida, sold $137.5 million in bonds to refund bonds that it sold on behalf of a nearby hospital almost a decade ago. The bonds mature between 2036 and 2045, yielding between 3.51% and 4.02%. They pay interest at 5%. The securities received a rating of Aa2 from Moody’s Investors Service. Lakeland will loan the ]]>
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<![CDATA[ Lakeland, Florida, sold $137.5 million in bonds to refund bonds that it sold on behalf of a nearby hospital almost a decade ago. The bonds mature between 2036 and 2045, yielding between 3.51% and 4.02%. They pay interest at 5%. The securities received a rating of Aa2 from Moody’s Investors Service. Lakeland will loan the bond proceeds to Lakeland Regional Health Systems, a hospital based in the city that is one of the largest in Florida.&nbsp; Moody’s analysts wrote that their rating reflects Lakeland Regional Health System’s 80% market share as well as its “primary service area and role as a Level II trauma provider, which will allow for conversion of robust demand into revenue growth, buoyed by above average population growth.” The health system will use the money to refund bonds the city sold on its behalf in 2015. Lakeland is a city of 120,000 people about 30 miles east of Tampa. The bonds are limited obligations of the city, payable by Lakeland Regional Health Systems revenue. J.P. Morgan Securities LLC served as underwriter on the issuance, purchasing the bonds for $150.8 million. The price reflected a premium of $14 million and a discount of $687,000. Kaufman, Hall &amp; Associates, LLC acted as financial advisor. ]]>
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<![CDATA[ New Jersey Hospital Sells $400 Mln in Notes ]]>
</title>
<link>https://munichain.com/news/new-jersey-hospital-sells-400-mln-in-notes</link>
<guid>https://munichain.com/news/new-jersey-hospital-sells-400-mln-in-notes</guid>
<pubDate>Wed, 07 Aug 2024 18:36:28 GMT</pubDate>
<description>
<![CDATA[ A hospital network based in Hackensack, New Jersey, issued $400 million in taxable commercial paper notes to finance general corporate needs. The notes, sold by Hackensack Meridian Health (HMH), mature within nine months. They received a rating of F1+ from Fitch Ratings and A-1+ from S&amp;P Global Ratings.&nbsp; HMH’s revenue grew rapidly last year. It ]]>
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<![CDATA[ A hospital network based in Hackensack, New Jersey, issued $400 million in taxable commercial paper notes to finance general corporate needs. The notes, sold by Hackensack Meridian Health (HMH), mature within nine months. They received a rating of F1+ from Fitch Ratings and A-1+ from S&amp;P Global Ratings.&nbsp; HMH’s revenue grew rapidly last year. It reached $7.8 billion in fiscal year 2023, a 15% increase from FY 2022, according to the network’s financial statements. Fitch analysts said they view “the return to stronger operating results as sustainable, and solidly ahead of the slightly lower profitability marked by the various waves of the coronavirus pandemic, initially lower volumes, and the attendant inflationary factors affecting staffing and supply chain costs.” Hackensack’s revenue could grow even more if it wins a lawsuit that it filed against the U.S. government in July, days after the Supreme Court struck down so-called Chevron deference. The Chevron doctrine held that federal agencies have the authority to interpret vague statutes; the court could defer to the agencies. In a suit filed last month against Secretary of Health and Human Services (HHS) Xavier Becerra, HMH argues that it is owed more in federal reimbursements for serving low-income patients; the suit is based on the definition of a low-income patient, previously determined by HHS, a federal agency. HMH operates 17 hospitals that are home to almost 5,000 patient beds. The notes are general obligations of the hospital network, backed by its revenue. BofA Securities, Inc served as dealer for the notes. ]]>
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<![CDATA[ Twin Cities Airport Issues $671 Million in Bonds ]]>
</title>
<link>https://munichain.com/news/twin-cities-airport-issues-671-million-in-bonds</link>
<guid>https://munichain.com/news/twin-cities-airport-issues-671-million-in-bonds</guid>
<pubDate>Tue, 06 Aug 2024 14:18:12 GMT</pubDate>
<description>
<![CDATA[ The Minneapolis-St. Paul Metropolitan Airports Commission sold $671.1 million in bonds to finance capital improvements at one of the largest airports in the Midwest.&nbsp; The commission sold $206 million in non-AMT bonds and $465.1 million in AMT bonds. The non-AMT bonds mature between 2052 and 2054, yielding between 4.08% and 4.28%. The AMT bonds mature ]]>
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<![CDATA[ The Minneapolis-St. Paul Metropolitan Airports Commission sold $671.1 million in bonds to finance capital improvements at one of the largest airports in the Midwest.&nbsp; The commission sold $206 million in non-AMT bonds and $465.1 million in AMT bonds. The non-AMT bonds mature between 2052 and 2054, yielding between 4.08% and 4.28%. The AMT bonds mature between 2026 and 2049, yielding between 3.53% and 4.29%. The securities received a rating of A+ from Fitch Ratings and from S&amp;P Global Ratings. The rating reflects “the airport’s strong air service area with a stable and increasing enplanement base underpinned by origination and destination (O&amp;D) traffic,” Fitch analysts wrote. The commission will use the issuance proceeds to fund upgrades at Minneapolis–Saint Paul International Airport (MSP) included in its $4.3 billion capital plan. These include terminal expansion, gate modernization, and electrical improvements.&nbsp; MSP is dominated by Delta Air Lines, Inc, which accounted for more than 70% of enplaned passengers at the airport last year, according to the official statement accompanying the sale of the bonds. The airports commission is a state agency that runs MSP and six smaller airports. The bonds are limited obligations of the commission, payable by its net revenue. Wells Fargo Bank, NA, served as lead underwriter on the issuance, purchasing the bonds for $709.8 million. The price reflected a premium of $41 million and a discount of $2.4 million. Frasca &amp; Associates, LLC acted as financial advisor. ]]>
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<![CDATA[ Minnesota Sells $225 Mln in Housing Bonds ]]>
</title>
<link>https://munichain.com/news/minnesota-sells-225-mln-in-housing-bonds</link>
<guid>https://munichain.com/news/minnesota-sells-225-mln-in-housing-bonds</guid>
<pubDate>Tue, 06 Aug 2024 14:16:50 GMT</pubDate>
<description>
<![CDATA[ The Minnesota Housing Finance Agency issued $225 million in bonds to finance affordable housing initiatives. The agency sold $150 million in taxable bonds and $75 million in tax-exempt term bonds. The taxable bonds mature between 2025 and 2055, paying interest at rates between 4.468% and 5.958%. The tax-exempt bonds mature in 2055 and bear interest ]]>
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<![CDATA[ The Minnesota Housing Finance Agency issued $225 million in bonds to finance affordable housing initiatives. The agency sold $150 million in taxable bonds and $75 million in tax-exempt term bonds. The taxable bonds mature between 2025 and 2055, paying interest at rates between 4.468% and 5.958%. The tax-exempt bonds mature in 2055 and bear interest at 6.25%. The securities received a rating of Aa1/VMIG 1 from Moody’s Investors Service and AA+/A-1+ from S&amp;P Global Ratings. The agency will use the issuance proceeds to fund its single-family mortgage lending program, which finances affordable mortgages for low-and moderate-income Minnesotans. The rating reflects the “program’s over-collateralization and cash flow capable of withstanding S&amp;P Global Ratings-projected loss assumptions, liquid reserves that are sufficient to cover short-term disruptions in asset cash flows, and market position characteristics generally in line with the national housing market,&#8221; S&amp;P analyst Aulii Limtiaco said in a press release. The issuance will support Minnesota’s efforts to provide more affordable homes as the state confronts a shortage of housing. Minnesota has a deficit of 106,00 housing units, 72,00 of which are in the Twin Cities, according to the Housing Affordability Institute, a nonprofit based in the state that is affiliated with the homebuilding industry.&nbsp; The bonds are general obligations of the Housing Finance Agency, payable by its revenue. RBC Capital Markets, LLC served as lead underwriter on the issuance. CSG Advisors Incorporated acted as financial advisor. ]]>
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<![CDATA[ Northern VA County Issues $368 Million in Hospital Bonds ]]>
</title>
<link>https://munichain.com/news/northern-va-county-issues-368-million-in-hospital-bonds</link>
<guid>https://munichain.com/news/northern-va-county-issues-368-million-in-hospital-bonds</guid>
<pubDate>Mon, 05 Aug 2024 13:04:40 GMT</pubDate>
<description>
<![CDATA[ The Industrial Development Authority of Fairfax County, Virginia, issued $368.2 million in bonds to finance improvements to hospitals in the area. The bonds mature between 2032 and 2054, yielding between 3.12% and 4.31%. They received a rating of Aa2 from Moody’s Investors Service and AA+ from S&amp;P Global Ratings. The authority will loan the bond ]]>
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<![CDATA[ The Industrial Development Authority of Fairfax County, Virginia, issued $368.2 million in bonds to finance improvements to hospitals in the area. The bonds mature between 2032 and 2054, yielding between 3.12% and 4.31%. They received a rating of Aa2 from Moody’s Investors Service and AA+ from S&amp;P Global Ratings. The authority will loan the bond proceeds to the Inova Health Systems Foundation, a nonprofit hospital network based in Falls Church, Virginia, a suburb of Washington, DC. “Inova’s Aa2 rating is anchored by its role as one of the largest health systems in Virginia with a leading market position in a rapidly growing region with unusually high commercial business,” Moody’s analysts wrote. Inova operates five acute-care hospitals in northern Virginia and serves more than 1 million people annually. It will use the issuance proceeds to renovate its facilities and build new ones.  Inova’s master plan calls for two new hospital facilities to replace an aging hospital in Alexandria. It also calls for a new ambulatory care site in the rapidly developing Potomac Yard area, which won a stop on the Washington metro last year. The bonds are limited obligations of the Industrial Development Authority and unsecured general obligations of Inova, backed by its revenue. J.P. Morgan Securities LLC served as lead underwriter on the issuance, purchasing the bonds for $400 million. The price reflected a premium of almost $32 million. Kaufman, Hall &amp; Associates, LLC acted as financial advisor. ]]>
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<![CDATA[ Alabama Energy Supplier Sells $639 Mln in Bonds ]]>
</title>
<link>https://munichain.com/news/alabama-energy-supplier-sells-639-mln-in-bonds</link>
<guid>https://munichain.com/news/alabama-energy-supplier-sells-639-mln-in-bonds</guid>
<pubDate>Mon, 05 Aug 2024 13:03:17 GMT</pubDate>
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<![CDATA[ The Black Belt Energy Gas District, a municipally-owned energy supplier based in southern Alabama, issued $638.7 million in bonds to finance the purchase of a long-term supply of natural gas that it will sell to the city of San Antonio, Texas. The bonds mature between 2025 and 2055, yielding between 3.82% and 3.94%. They carry ]]>
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<![CDATA[ The Black Belt Energy Gas District, a municipally-owned energy supplier based in southern Alabama, issued $638.7 million in bonds to finance the purchase of a long-term supply of natural gas that it will sell to the city of San Antonio, Texas. The bonds mature between 2025 and 2055, yielding between 3.82% and 3.94%. They carry a mandatory tender in 2031 and pay interest at 5%. The securities received a rating of Aa3 from Moody’s Investors Service. The district will use the issuance proceeds to prepay for a 30-year supply of natural gas provided by Aron Energy Prepay 40 LLC, a subsidiary of Goldman Sachs. It will sell that gas to San Antonio. It is unclear how the purchase squares with the city’s stated sustainability objectives. “San Antonio is focusing on a transition from fossil fuel energy sources to a less carbon-intensive portfolio,” the city government’s website says. But natural gas is a fossil fuel, and in recent years, the share of natural gas in San Antonio’s energy mix has risen. The bonds are special, limited obligations of Black Belt, payable by revenue from energy sales. Goldman Sachs &amp; Co LLC and Stifel, Nicolaus &amp; Company, Inc served as underwriters on the issuance, purchasing the bonds for $675.5 million. The price reflected a premium of $39.7 million and a discount of $2.9 million. Municipal Capital Markets Group, Inc acted as financial advisor. ]]>
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<![CDATA[ Virginia Sells $175 Mln in Bonds ]]>
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<link>https://munichain.com/news/virginia-sells-175-mln-in-bonds</link>
<guid>https://munichain.com/news/virginia-sells-175-mln-in-bonds</guid>
<pubDate>Fri, 02 Aug 2024 15:50:38 GMT</pubDate>
<description>
<![CDATA[ The Virginia Resources Authority issued $175.1 million in bonds to finance an initiative that supports statewide capital improvements. The authority sold $121.5 million in infrastructure revenue bonds and $53.6 million in moral obligation revenue bonds. The infrastructure revenue bonds mature between 2024 and 2054, yielding between 2.81% and 4.175%. The moral obligation revenue bonds also ]]>
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<![CDATA[ The Virginia Resources Authority issued $175.1 million in bonds to finance an initiative that supports statewide capital improvements. The authority sold $121.5 million in infrastructure revenue bonds and $53.6 million in moral obligation revenue bonds. The infrastructure revenue bonds mature between 2024 and 2054, yielding between 2.81% and 4.175%. The moral obligation revenue bonds also mature between 2024 and 2054, yielding between 2.87% and 4.22%.&nbsp; The infrastructure revenue bonds received a rating of Aaa from Moody’s Investors Service and AAA from S&amp;P Global Ratings. The moral obligation revenue bonds received a rating of Aa1 from Moody’s and AA from S&amp;P. The authority will use the bond proceeds to purchase local government debt that funds capital improvements across Virginia. “The rating reflects our view of the program’s very strong market position, extremely strong financial risk score, extremely strong operating performance, and strong policies including a thorough process of loan origination and monitoring,” S&amp;P analyst Lisa Schroeer said in a press release. The Virginia Resources Authority was founded in 1984 to finance capital projects by loaning bond proceeds to municipalities in the state. The “moral” obligation refers to Virginia’s commitment to maintaining a sufficient balance to secure the bonds. The bonds are limited obligations of the authority, payable by loans it makes to more than 100 municipalities. The authority sold an additional $200 million in bonds in May. BofA Securities, Inc served as underwriter on the issuance, purchasing the bonds for almost $190 million. The price reflected a premium of almost $15 million. Davenport &amp; Company LLC acted as financial advisor. ]]>
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<![CDATA[ New York City Issues $1.1 Billion in Bonds ]]>
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<link>https://munichain.com/news/new-york-city-issues-1-1-billion-in-bonds</link>
<guid>https://munichain.com/news/new-york-city-issues-1-1-billion-in-bonds</guid>
<pubDate>Fri, 02 Aug 2024 15:49:07 GMT</pubDate>
<description>
<![CDATA[ New York, New York, sold $1.1 billion in bonds to refund previously issued securities. The city issued $1.08 billion in Series A bonds and $24.3 million in Series B bonds. The Series A bonds mature between 2025 and 2038, yielding between 2.98% and 3.3%. The Series B bonds mature between 2025 and 2029, yielding between ]]>
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<![CDATA[ New York, New York, sold $1.1 billion in bonds to refund previously issued securities. The city issued $1.08 billion in Series A bonds and $24.3 million in Series B bonds. The Series A bonds mature between 2025 and 2038, yielding between 2.98% and 3.3%. The Series B bonds mature between 2025 and 2029, yielding between 2.99% and 3.02%. All of the bonds pay interest at 5%. The securities received a rating of AA from Fitch Ratings, AA+ from Kroll Bond Rating Agency, Aa2 from Moody’s Investors Service, and AA from S&amp;P Global Ratings. The rating reflects “the city’s exceptionally strong budget monitoring and control,” Fitch analysts wrote. The city will use the issuance proceeds to achieve debt service savings by refunding bonds that it sold in 2013 and 2014. The refunding will save the city $90.5 million, spread over the next four years, according to the comptroller’s office. The bonds were met with strong investor demand. The city said that it received more than $474 million of orders during the retail order period and almost $2.5 billion of priority orders during the institutional order period. As a result of demand, the city reduced yields. The bonds are general obligations of the city, backed by its full faith and credit. Wells Fargo Bank, NA, served as lead underwriter on the issuance. Public Resources Advisory Group, Inc and Frasca &amp; Associates, LLC acted as financial advisors. ]]>
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<![CDATA[ Maryland Sells $40 Million in Bonds for College of Art ]]>
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<link>https://munichain.com/news/maryland-sells-40-million-in-bonds-for-college-of-art</link>
<guid>https://munichain.com/news/maryland-sells-40-million-in-bonds-for-college-of-art</guid>
<pubDate>Thu, 01 Aug 2024 19:30:20 GMT</pubDate>
<description>
<![CDATA[ The Maryland Health and Higher Educational Facilities Authority issued $40.2 million in bonds to finance capital improvements at an art school in Baltimore and refund previously issued securities. The bonds mature between 2026 and 2047, yielding between 3.86% and 4.66%. They received a rating of BBB+ from Fitch Ratings, which assigned a negative outlook. The ]]>
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<![CDATA[ The Maryland Health and Higher Educational Facilities Authority issued $40.2 million in bonds to finance capital improvements at an art school in Baltimore and refund previously issued securities. The bonds mature between 2026 and 2047, yielding between 3.86% and 4.66%. They received a rating of BBB+ from Fitch Ratings, which assigned a negative outlook. The authority will loan the bond proceeds to the Maryland Institute College of Art (MICA), a private art and design college in Baltimore. The rating reflects MICA’s “relatively high dependence on student fee revenue with a small and volatile enrollment base in a very competitive market and narrow arts-focused curriculum,” Fitch analysts wrote. They added that they had revised their outlook to negative from stable because “MICA’s enrollment, while showing signs of stabilization, will remain pressured heading into fall 2024 due to the lingering effects of larger graduating cohorts and limited potential for student revenue growth in MICA’s niche and competitive market.” Declining enrollment can harm MICA’s bottom line; tuition and fees are the college’s largest source of revenue. The school had a headcount of 1,862 students as of last fall, according to the official statement accompanying the sale of the bonds. That is more than 16% less than fall 2019 levels. The college has become less selective as enrollment drops. It accepted 78% of applicants for the 2023–24 academic year, compared to 62% in 2019–20, according to the bond documents. MICA will use the proceeds to fund campus improvements. The issuance proceeds will also refund bonds that the Health and Higher Educational Facilities Authority sold on behalf of MICA in 2012. The bonds are special obligations of the authority, payable by MICA revenue. BofA Securities, Inc served as underwriter on the issuance, purchasing the bonds for $42.8 million. The price reflected a premium of $2.7 million. Callowhill Capital Advisors, LLC and PFM Financial Advisors LLC acted as municipal advisors. ]]>
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<![CDATA[ North Dakota Sells $30 Mln in Bonds for State College ]]>
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<link>https://munichain.com/news/north-dakota-sells-30-mln-in-bonds-for-state-college</link>
<guid>https://munichain.com/news/north-dakota-sells-30-mln-in-bonds-for-state-college</guid>
<pubDate>Thu, 01 Aug 2024 19:29:00 GMT</pubDate>
<description>
<![CDATA[ North Dakota’s State Board of Higher Education issued $30 million in bonds to finance the construction of a new athletic center at a public college in its capital city. The bonds mature between 2027 and 2054, yielding between 3.18% and 4.23%. They received an underlying rating of A from S&amp;P Global Ratings, which assigned an ]]>
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<![CDATA[ North Dakota’s State Board of Higher Education issued $30 million in bonds to finance the construction of a new athletic center at a public college in its capital city. The bonds mature between 2027 and 2054, yielding between 3.18% and 4.23%. They received an underlying rating of A from S&amp;P Global Ratings, which assigned an enhanced rating of AA.&nbsp; The board will loan the bond proceeds to Bismarck State College (BSC), a public college in North Dakota’s capital city.&nbsp; In 2018, the board directed BSC to become a polytechnic school. The college attributes recent enrollment growth—it currently enrolls around 4,000 students—to its polytechnic status. “The College’s new polytechnic mission is attracting a record number of new students,” the official statement accompanying the sale of the bonds says. Ratings agencies seem to agree. “The ratings reflect our view of BSC’s status as the only polytechnic institution in North Dakota and the surrounding region,” S&amp;P analyst Luke Gildner said in a press release. BSC will use the bond proceeds to fund the construction of a new academic and athletic center that will replace its deteriorating Armory facility, which houses athletics and the school’s student newspaper.&nbsp; “Due to its age and physical condition, the Armory presents several life, health and safety issues with its continued use,” according to the bond documents. The new, 81,00 square foot facility will cost $40 million, three quarters of which will be funded by bonds. It will host the college’s basketball, volleyball, and wrestling teams. And it will feature a rock wall.&nbsp; BSC will continue to use the Armory as a training facility and as studios and offices for the student newspaper. It is planning to fundraise for improvements by selling naming rights to the building and rooms within it. The bonds are limited obligations of the North Dakota Board of Higher Education, payable by BSC’s net housing and facility revenue. RBC Capital Markets, LLC served as lead underwriter on the issuance, purchasing the bonds for $32.1 million. The price reflected a premium of more than $2 million. Piper Sandler &amp; Co acted as municipal advisor. ]]>
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<![CDATA[ Miami-Dade Sells $918 Mln in Airport Bonds ]]>
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<link>https://munichain.com/news/miami-dade-sells-918-mln-in-airport-bonds</link>
<guid>https://munichain.com/news/miami-dade-sells-918-mln-in-airport-bonds</guid>
<pubDate>Wed, 31 Jul 2024 13:27:36 GMT</pubDate>
<description>
<![CDATA[ Miami-Dade County, Florida, issued $918.2 million in bonds to refund previously issued aviation bonds. The county sold $779.7 million in taxable bonds and $138.5 million in tax-exempt bonds. The taxable bonds mature between 2027 and 2036, yielding between 3.65% and 3.9%. The tax-exempt bonds mature between 2025 and 2037, yielding between 2.96% and 3.25%. All ]]>
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<![CDATA[ Miami-Dade County, Florida, issued $918.2 million in bonds to refund previously issued aviation bonds. The county sold $779.7 million in taxable bonds and $138.5 million in tax-exempt bonds. The taxable bonds mature between 2027 and 2036, yielding between 3.65% and 3.9%. The tax-exempt bonds mature between 2025 and 2037, yielding between 2.96% and 3.25%. All of the bonds pay interest at 5%.&nbsp; The securities received a rating of A+ from Fitch Ratings, AA- from Kroll Bond Rating Agency, and A+ from S&amp;P Global Ratings.&nbsp; The county sold the bonds on behalf of the Miami-Dade County Aviation Department, which owns Miami International Airport (MIA). The rating reflects MIA’s “strong position in the south Florida market for both domestic and international air service,” Fitch analysts wrote.&nbsp; The issuance comes amid increasing growth at MIA. Passenger and freight activity at the airport each exceeded prepandemic levels in 2023. The county will use the issuance proceeds to refund airport bonds that it sold in 2014. The bonds are special, limited obligations of the county, payable by airport revenue. Barclays Capital Inc served as lead underwriter on the issuance, purchasing the bonds for more than $997 million. The price reflected a premium of $82.5 million and a discount of $3 million. Hilltop Securities Inc acted as financial advisor. ]]>
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<![CDATA[ South Carolina Utility Issues $1.3 Billion in Bonds ]]>
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<link>https://munichain.com/news/south-carolina-utility-issues-1-3-billion-in-bonds</link>
<guid>https://munichain.com/news/south-carolina-utility-issues-1-3-billion-in-bonds</guid>
<pubDate>Wed, 31 Jul 2024 13:26:36 GMT</pubDate>
<description>
<![CDATA[ The South Carolina Public Service Authority, also known as Santee Cooper, sold $1.31 billion in bonds to finance a capital improvement program that will make the state’s power supply more renewable. The authority issued $1.24 billion in tax-exempt bonds and $73 million in taxable bonds. The tax-exempt bonds, which the authority sold in two series, ]]>
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<![CDATA[ The South Carolina Public Service Authority, also known as Santee Cooper, sold $1.31 billion in bonds to finance a capital improvement program that will make the state’s power supply more renewable. The authority issued $1.24 billion in tax-exempt bonds and $73 million in taxable bonds. The tax-exempt bonds, which the authority sold in two series, mature between 2026 and 2054, yielding between 3.14% and 4.34%. The taxable bonds also mature between 2026 and 2054, paying interest at rates between 4.983% and 5.583%.&nbsp; The securities received an underlying rating of A- from Fitch Ratings, A3 from Moody’s Investors Service, and A- from S&amp;P Global Ratings. They received an insured rating of A1 from Moody’s and AA from S&amp;P. Fitch upgraded the authority’s outlook to stable from negative. The outlook revision reflects the expectation that Santee Cooper’s ”financial flexibility and revenue defensibility will improve following the expiration of its agreement to lock rates through January 2025,” Fitch analysts wrote. The expiration of that agreement will mark a major milestone in the saga that began when Santee Cooper suspended construction of a nuclear power plant in 2017. At the time, Santee Cooper had already invested $4.3 billion in the plant, which was 36% complete, according to Fitch.&nbsp; The suspension sparked a maelstrom of costly legal and political woes for Santee Cooper, the largest power and water utility in South Carolina. As part of the agreement that mostly put those concerns to rest, the authority agreed in 2020 to pay $200 million back to its customers and freeze rates for five years.&nbsp; Santee Cooper will use the proceeds from the bond sale to fund its capital improvement program, which calls for retiring coal-fired power plants and increasing solar-powered generation. It also adds natural gas resources and battery storage to the utility’s energy portfolio. Santee Cooper will use additional issuance proceeds to refund bonds that it sold in 2013 and 2014. The bonds are limited obligations of the authority, payable by its revenue. J.P. Morgan Securities LLC served as lead underwriter on the issuance, purchasing the bonds for $1.41 billion. The price reflected a premium of $108.3 million. PFM Financial Advisors LLC acted as municipal advisor. ]]>
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<![CDATA[ Connecticut Issues $214 Mln in Bonds ]]>
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<link>https://munichain.com/news/connecticut-issues-214-mln-in-bonds</link>
<guid>https://munichain.com/news/connecticut-issues-214-mln-in-bonds</guid>
<pubDate>Tue, 30 Jul 2024 12:40:23 GMT</pubDate>
<description>
<![CDATA[ Connecticut sold $214.2 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2034, yielding between 2.83% and 2.93%. They pay interest at 5%. The securities received a rating of AA- from Fitch Ratings, AA+ from Kroll Bond Rating Agency, Aa3 from Moody’s Investors Service, and AA- from S&amp;P Global Ratings. ]]>
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<![CDATA[ Connecticut sold $214.2 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2034, yielding between 2.83% and 2.93%. They pay interest at 5%. The securities received a rating of AA- from Fitch Ratings, AA+ from Kroll Bond Rating Agency, Aa3 from Moody’s Investors Service, and AA- from S&amp;P Global Ratings. The rating reflects Connecticut’s “superior gap-closing capacity, as well as its wealthy and diverse, yet slow-growing, economic profile,” Fitch analysts wrote. Connecticut is in good financial shape, analysts say. The state’s per capita income was the second-highest in the United States in 2022, and its counties are relatively equal in wealth, according to the official statement accompanying the sale of the bonds.&nbsp; But its population is growing slower than nearby states’ and the national average. Connecticut saw 0.1% population growth between 2014 and 2023, according to the bond documents. Vermont, the New England state with the next-lowest growth, saw its population increase by 2.1% during the same period. Connecticut will use the issuance proceeds to refund bonds that it sold in 2014. The bonds are general obligations of the state, backed by its full faith and credit. Wells Fargo Bank, NA, served as underwriter on the issuance, purchasing the bonds for $238 million. The price reflected a premium of around $24 million. Acacia Financial Group, Inc acted as municipal advisor. ]]>
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<![CDATA[ San Francisco Sells $1.1 Bln in Water Bonds ]]>
</title>
<link>https://munichain.com/news/san-francisco-sells-1-1-bln-in-water-bonds</link>
<guid>https://munichain.com/news/san-francisco-sells-1-1-bln-in-water-bonds</guid>
<pubDate>Tue, 30 Jul 2024 12:38:46 GMT</pubDate>
<description>
<![CDATA[ The Public Utilities Commission of the City and County of San Francisco, California, (SFPUC) issued $1.14 billion in bonds to finance sustainable capital projects for its wastewater system. The commission sold $624.6 million in tax-exempt bonds and $518.4 million in federally taxable bonds. The tax-exempt bonds mature between 2027 and 2054, yielding between 2.69% and ]]>
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<![CDATA[ The Public Utilities Commission of the City and County of San Francisco, California, (SFPUC) issued $1.14 billion in bonds to finance sustainable capital projects for its wastewater system. The commission sold $624.6 million in tax-exempt bonds and $518.4 million in federally taxable bonds. The tax-exempt bonds mature between 2027 and 2054, yielding between 2.69% and 3.77%. The taxable bonds mature between 2027 and 2037 and pay interest at rates between 4.581% and 5.086%. The securities received a rating of Aa2 from Moody’s Investors Service and AA from S&amp;P Global Ratings, which assigned a negative outlook. “The negative outlook reflects the significant size and scope of SFPUC’s upcoming debt plans and management’s 10-year financial forecast that projects all-in debt service coverage declining to very thin levels compared to those of its peers at the ‘AA’ rating,” S&amp;P analyst Chloe Weil said in a press release. SFPUC will use the bond proceeds to pilot green infrastructure projects and fund other initiatives. The commission will also use the issuance proceeds to refund outstanding commercial paper notes. The bonds are limited obligations of SFPUC, payable by net revenue from San Francisco’s wastewater enterprise. BofA Securities, Inc and Morgan Stanley &amp; Co LLC served as lead underwriters on the issuance. Montague DeRose &amp; Associates, LLC and Backstrom McCarley Berry &amp; Co, LLC acted as municipal advisors. ]]>
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<![CDATA[ Detroit Issues $46 Million in Bonds ]]>
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<link>https://munichain.com/news/detroit-issues-46-million-in-bonds</link>
<guid>https://munichain.com/news/detroit-issues-46-million-in-bonds</guid>
<pubDate>Mon, 29 Jul 2024 12:20:29 GMT</pubDate>
<description>
<![CDATA[ Detroit, Michigan, sold $46.3 million in bonds to finance capital improvements. The bonds mature between 2025 and 2039, yielding between 3.3% and 3.8%. They pay interest at 5%. The securities received a rating of Baa2 from Moody’s Investors Service and BBB from S&amp;P Global Ratings. “The issuer rating is Baa2 because the city’s economic and ]]>
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<![CDATA[ Detroit, Michigan, sold $46.3 million in bonds to finance capital improvements. The bonds mature between 2025 and 2039, yielding between 3.3% and 3.8%. They pay interest at 5%. The securities received a rating of Baa2 from Moody’s Investors Service and BBB from S&amp;P Global Ratings. “The issuer rating is Baa2 because the city’s economic and tax base growth will help it maintain financial resiliency and strong financial ratios through at least fiscal 2024 and 2025,” Moody’s analysts wrote. Moody’s and S&amp;P each upgraded Detroit in the Spring, bringing the city’s issuer rating to investment grade for the first time since 2009. In June, Detroit’s Downtown Development Authority sold $200 million in bonds with an investment grade rating. Detroit officials celebrated the return. The city’s finances are still scarred by its declaration of bankruptcy in 2013, which at the time was the largest municipal bankruptcy in U.S. history. “No one in 2014 would have predicted Detroit returning to investment grade in less than a decade,” Detroit Mayor Mike Duggan said in a statement in March. The bonds are general obligations of the city, backed by its full faith and credit. Wells Fargo Bank, NA, served as underwriter on the issuance, purchasing the bonds for more than $50 million. The price reflected a premium of almost $4 million. Public Resources Advisory Group, Inc acted as municipal advisor. ]]>
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<![CDATA[ University of California Sells $1.7 Bln in Bonds ]]>
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<link>https://munichain.com/news/university-of-california-sells-1-7-bln-in-bonds</link>
<guid>https://munichain.com/news/university-of-california-sells-1-7-bln-in-bonds</guid>
<pubDate>Mon, 29 Jul 2024 12:19:12 GMT</pubDate>
<description>
<![CDATA[ The governing body of the University of California issued $1.68 billion in bonds to finance capital improvements. The regents of the university system sold the bonds in three series. The Series BW bonds, consisting of $934.5 million, mature between 2025 and 2054, yielding between 2.83% and 3.72%; the Series BX bonds, consisting of $498.7 million, ]]>
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<![CDATA[ The governing body of the University of California issued $1.68 billion in bonds to finance capital improvements. The regents of the university system sold the bonds in three series. The Series BW bonds, consisting of $934.5 million, mature between 2025 and 2054, yielding between 2.83% and 3.72%; the Series BX bonds, consisting of $498.7 million, mature between 2026 and 2031, yielding between 2.83% and 2.91%; and the Series BY bonds, consisting of $250 million, mature in 2054 and pay interest at a variable weekly rate.&nbsp; The Series BW and Series BX bonds pay interest at 5%. They received a rating of AA from Fitch Ratings, Aa2 from Moody’s Investors Service, and AA from S&amp;P Global Ratings. The Series BY bonds received a rating of AA/F1+ from Fitch, Aa2/VMIG 1 from Moody’s, and AA/A-1+ from S&amp;P. The rating reflects the university system’s “growing enrollment and very strong student demand characteristics, solid international reputation, steady operating performance inclusive of a sizable and accretive health system, generally steady support from the State of California (IDR AA/Stable) and expectations of flexibility and manageable leverage through a sizable capital improvement program,” Fitch analysts wrote. The issuance is the latest by the University of California system, which has sold billions of dollars worth of bonds this year, including a $1.1 billion issuance in March and a $1.4 billion issuance in January. In March, a group of investors challenged the system’s recent bond sales, arguing that the issuances lacked a legal basis. The university rejects those claims. The system will use the proceeds from the most recent issuance to fund capital projects. The bonds are limited obligations of the system’s governing body, payable by general revenues. RBC Capital Markets, LLC and Morgan Stanley &amp; Co LLC served as lead underwriters on the issuance. PFM Financial Advisors LLC acted as municipal advisor. ]]>
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<![CDATA[ Memphis Sells $135 Mln in Bonds ]]>
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<link>https://munichain.com/news/memphis-sells-135-mln-in-bonds</link>
<guid>https://munichain.com/news/memphis-sells-135-mln-in-bonds</guid>
<pubDate>Fri, 26 Jul 2024 14:45:00 GMT</pubDate>
<description>
<![CDATA[ Memphis, Tennessee, issued $135.3 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2044, yielding between 2.91% and 3.63%. They pay interest at 5%. The securities received a rating of Aa2 from Moody’s Investors Service and AA from S&amp;P Global Ratings. “The Aa2 issuer rating reflects the city’s healthy reserves ]]>
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<![CDATA[ Memphis, Tennessee, issued $135.3 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2044, yielding between 2.91% and 3.63%. They pay interest at 5%. The securities received a rating of Aa2 from Moody’s Investors Service and AA from S&amp;P Global Ratings. “The Aa2 issuer rating reflects the city’s healthy reserves that will remain in excess of 25% of revenue despite a projected operating deficit in fiscal 2024,” Moody’s analysts wrote. Memphis is facing a deficit of around $60 million. Next year it will increase property taxes, as well as vehicle registration and trash collection fees, to compensate for the budgetary shortcoming.&nbsp; The city will use the issuance proceeds to refund commercial paper notes. Moody’s expects that leverage will continue to grow in the coming years, but does not anticipate that it will exceed 250% of revenue. Memphis is the second-largest city in Tennessee, with a population of 630,000 people. The bonds are direct obligations of the city, backed by its full faith and credit. BofA Securities, Inc served as underwriter on the issuance, purchasing the bonds for $150.6 million. The price reflected a premium of more than $15 million. PFM Financial Advisors LLC and CLB Porter LLC acted as municipal advisors. ]]>
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<![CDATA[ Portland Issues $154 Million in Water Bonds ]]>
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<link>https://munichain.com/news/portland-issues-154-million-in-water-bonds</link>
<guid>https://munichain.com/news/portland-issues-154-million-in-water-bonds</guid>
<pubDate>Fri, 26 Jul 2024 14:43:38 GMT</pubDate>
<description>
<![CDATA[ Portland, Oregon, sold $153.6 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2039, yielding between 2.83% and 3.18%. They pay interest at 5%. The securities received a rating of Aa2 from Moody’s Investors Service and AA from S&amp;P Global Ratings. “The rating is anchored by our view of Portland’s ]]>
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<![CDATA[ Portland, Oregon, sold $153.6 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2039, yielding between 2.83% and 3.18%. They pay interest at 5%. The securities received a rating of Aa2 from Moody’s Investors Service and AA from S&amp;P Global Ratings. “The rating is anchored by our view of Portland’s plentiful water supply and storage, comprehensive financial policies, conservative forecasting, and well-defined rate plans,” S&amp;P analysts wrote. Portland is planning major upgrades to its water system in the coming years. Its five-year capital plan, published in March 2023, calls for $1.75 billion in spending. That sum is over 50% more than the $1.14 billion in total operating revenue that the water system generated in the five years between fiscal year 2019 and FY 2023, according to the official statement accompanying the sale of the bonds.  S&amp;P analysts wrote that “the water system’s financial metrics should remain supportive of the current rating level despite the rapid escalation in planned capital spending during the next decade.” The city will use the issuance proceeds to refund bonds that it sold in 2013 and 2014.&nbsp; The bonds are special obligations of Portland, secured by a second lien on the net revenue from the city’s water system. Wells Fargo Bank, NA, served as lead underwriter on the issuance, purchasing the bonds for $172.4 million. The price reflected a premium of $19 million. PFM Financial Advisors LLC acted as municipal advisor. ]]>
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<![CDATA[ Seattle Museum Authority Issues $18 Million in Bonds ]]>
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<link>https://munichain.com/news/seattle-museum-authority-issues-18-million-in-bonds</link>
<guid>https://munichain.com/news/seattle-museum-authority-issues-18-million-in-bonds</guid>
<pubDate>Thu, 25 Jul 2024 13:22:17 GMT</pubDate>
<description>
<![CDATA[ The Museum Development Authority of Seattle, Washington, sold $18.3 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2031, yielding between 2.99% and 3.06%. They pay interest at 5%. The securities received a rating of AAA from S&amp;P Global Ratings. The authority will use the issuance proceeds to achieve debt ]]>
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<![CDATA[ The Museum Development Authority of Seattle, Washington, sold $18.3 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2031, yielding between 2.99% and 3.06%. They pay interest at 5%. The securities received a rating of AAA from S&amp;P Global Ratings. The authority will use the issuance proceeds to achieve debt service savings by refunding bonds that it sold in 2014. Those bonds had been issued to refund bonds that the authority sold in 2005 to finance the expansion of the Seattle Art Museum (SAM), which it owns. The issuance comes ahead of the museum’s inauguration of a new CEO. In June, SAM announced that Scott Stulen, currently the CEO of the Philbrook Museum of Art in Tulsa, Oklahoma, would take over the museum’s leadership in August. SAM’s previous CEO, Amanda Cruz, left last year. The city of Seattle chartered the Museum Development Authority in 1985 to facilitate the development and operation of public art museums. The bonds are special limited obligations of the authority, secured by its revenue. Raymond James &amp; Associates, Inc served as underwriter on the issuance, purchasing the bonds for $19.6 million. The price reflected a premium of almost $1.4 million. PFM Financial Advisors LLC acted as municipal advisor. ]]>
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<![CDATA[ San Diego School District Sells $200 Mln in Notes ]]>
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<link>https://munichain.com/news/san-diego-school-district-sells-200-mln-in-notes</link>
<guid>https://munichain.com/news/san-diego-school-district-sells-200-mln-in-notes</guid>
<pubDate>Thu, 25 Jul 2024 13:21:27 GMT</pubDate>
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<![CDATA[ The San Diego, California, Unified School District issued $200 million in tax and revenue anticipation notes to better manage its finances in the current fiscal year.&nbsp; The notes are due in June 2025 and yield 3.14%. They pay interest at 5%. The securities received a rating of SP-1+ from S&amp;P Global Ratings. The rating reflects ]]>
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<![CDATA[ The San Diego, California, Unified School District issued $200 million in tax and revenue anticipation notes to better manage its finances in the current fiscal year.&nbsp; The notes are due in June 2025 and yield 3.14%. They pay interest at 5%. The securities received a rating of SP-1+ from S&amp;P Global Ratings. The rating reflects the notes’ “very strong projected coverage,” S&amp;P analyst Cenisa Gutierrez said in a press release. The issuance comes as the San Diego school district stares down a massive budget shortfall. The district has proposed several cuts to finance the $94 million deficit, including the postponement of almost $2 billion in planned investments. Included in the cuts are $550 million for a kindergarten grant program and $500 million for zero-emission school buses.  The district has also cut dozens of jobs, and average daily attendance at its schools has fallen by 11,081 students—or more than 10% of the district’s enrollment—over the past two years, according to the official statement accompanying the sale of the notes.&nbsp; “Losses in enrollment will cause a school district to lose operating revenues without necessarily permitting the district to adjust fixed operating costs,” according to the sale documents. The notes are general obligations of the school district, but they are only payable by tax, income, and other revenue received in or attributable to the 2024–25 fiscal year. BofA Securities, Inc served as lead underwriter on the issuance, purchasing the notes for $203.3 million. The price reflected a premium of more than $3 million. KNN Public Finance, LLC acted as municipal advisor. ]]>
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<![CDATA[ DC Water and Sewer Issues $506 Million in Bonds ]]>
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<link>https://munichain.com/news/dc-water-and-sewer-issues-506-million-in-bonds</link>
<guid>https://munichain.com/news/dc-water-and-sewer-issues-506-million-in-bonds</guid>
<pubDate>Wed, 24 Jul 2024 12:53:13 GMT</pubDate>
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<![CDATA[ The District of Columbia Water and Sewer Authority sold $506.4 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2044, yielding between 2.92% and 3.63%. They pay interest at 5%. The securities received a rating of AA from Fitch Ratings, Aa2 from Moody’s Investors Service, and AA+ from S&amp;P Global ]]>
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<![CDATA[ The District of Columbia Water and Sewer Authority sold $506.4 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2044, yielding between 2.92% and 3.63%. They pay interest at 5%. The securities received a rating of AA from Fitch Ratings, Aa2 from Moody’s Investors Service, and AA+ from S&amp;P Global Ratings. The rating reflects “the authority’s very strong financial profile in the context of its very strong revenue defensibility and operating risk profile,” Fitch analysts wrote. The authority will use the issuance proceeds to finance a tender offer for previously sold bonds. On June 20, the authority submitted a tender offer to bondholders for series sold between 2015 and 2022.&nbsp; It will also use the proceeds to refund bonds that it sold in 2014. DC Water and Sewer provides services to some 700,000 residents of the U.S. capital city. The bonds are special, limited obligations of the authority, payable by a subordinate lien on net water and sewer system revenues. Morgan Stanley &amp; Co LLC served as lead underwriter on the issuance, purchasing the bonds for $572.2 million. The price reflected a premium of $67.6 million and a discount of $1.8 million. PFM Financial Advisors LLC and Sustainable Capital Advisors acted as financial advisors. ]]>
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<![CDATA[ NYC Sells $2.5 Bln in Bonds ]]>
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<link>https://munichain.com/news/nyc-sells-2-5-bln-in-bonds</link>
<guid>https://munichain.com/news/nyc-sells-2-5-bln-in-bonds</guid>
<pubDate>Wed, 24 Jul 2024 12:52:21 GMT</pubDate>
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<![CDATA[ The New York City Transitional Finance Authority (TFA) issued $2.46 billion in bonds to refund previously issued securities. The authority sold $2.25 billion in tax-exempt bonds and $210 million in taxable bonds. The tax-exempt bonds mature between 2024 and 2041, yielding between 2.94% and 3.5%. They pay interest at 5%. The taxable bonds mature between ]]>
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<![CDATA[ The New York City Transitional Finance Authority (TFA) issued $2.46 billion in bonds to refund previously issued securities. The authority sold $2.25 billion in tax-exempt bonds and $210 million in taxable bonds. The tax-exempt bonds mature between 2024 and 2041, yielding between 2.94% and 3.5%. They pay interest at 5%. The taxable bonds mature between 2025 and 2029, paying interest at rates between 4.574% and 5%. The securities received a rating of AAA from Fitch Ratings, Aa1 from Moody’s Investors Service, and AAA from S&amp;P Global Ratings. The rating reflects “solid long-term growth prospects for pledged revenues and the bonds’ highly resilient structure,” Fitch analysts wrote. The authority will use the issuance proceeds to refund 18 series of bonds that it sold between 2009 and 2023. TFA is one of the biggest municipal issuers in the United States, and its bonds are a primary funding mechanism for New York City’s capital projects. The authority expects that it will issue around $6 billion in bonds per year over the next four fiscal years, according to the official statement accompanying the sale of the bonds. TFA sold $1.4 billion in bonds last December. The bonds are payable by a subordinate lien on personal income taxes and sales and use taxes.&nbsp; Ramirez &amp; Co, Inc served as lead underwriter on the issuance. Public Resources Advisory Group, Inc and Frasca &amp; Associates, LLC acted as financial advisors. ]]>
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<![CDATA[ Nashville Issues $320 Mln in Bonds for Vanderbilt University ]]>
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<link>https://munichain.com/news/nashville-issues-320-mln-in-bonds-for-vanderbilt-university</link>
<guid>https://munichain.com/news/nashville-issues-320-mln-in-bonds-for-vanderbilt-university</guid>
<pubDate>Tue, 23 Jul 2024 12:30:44 GMT</pubDate>
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<![CDATA[ The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, Tennessee, sold $319.7 million in bonds to finance upgrades at Vanderbilt University. The bonds mature between 2034 and 2054, yielding between 2.99% and 4.19%. They received a rating of Aa1 from Moody’s Investors Service and AAA from S&amp;P Global Ratings. ]]>
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<![CDATA[ The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, Tennessee, sold $319.7 million in bonds to finance upgrades at Vanderbilt University. The bonds mature between 2034 and 2054, yielding between 2.99% and 4.19%. They received a rating of Aa1 from Moody’s Investors Service and AAA from S&amp;P Global Ratings. The rating “acknowledges the university’s significant wealth, strong student demand, ongoing donor support, and sponsored research prowess which continue to support its excellent strategic positioning,” Moody’s analysts wrote. The board will loan the bond proceeds to Vanderbilt, which will use them to fund construction and renovation of campus buildings and other initiatives. The board will also use the issuance proceeds to refund commercial paper notes that it has sold on behalf of Vanderbilt. Vanderbilt is a highly selective private university in Nashville and one of the most expensive institutions of higher education in the United States. The school charged almost $85,000 for tuition, fees, and room and board last academic year.&nbsp; The bonds are limited obligations of the board and unsecured general obligations of Vanderbilt, backed by its full faith and credit. RBC Capital Markets LLC served as lead underwriter on the issuance, purchasing the bonds for $351 million. The price reflected a premium of almost $32 million. Kaufman, Hall &amp; Associates, LLC acted as financial advisor. ]]>
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<![CDATA[ Maine Sells $67 Mln in Bonds for Colby College ]]>
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<link>https://munichain.com/news/maine-sells-67-mln-in-bonds-for-colby-college</link>
<guid>https://munichain.com/news/maine-sells-67-mln-in-bonds-for-colby-college</guid>
<pubDate>Tue, 23 Jul 2024 12:29:49 GMT</pubDate>
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<![CDATA[ The Maine Finance Authority issued $66.9 million in bonds to finance the construction of a new dorm. The bonds mature between 2027 and 2035, yielding between 2.91% and 3.05%. They pay interest at 5%. The securities received a rating of Aa2 from Moody’s Investors Service and AA from S&amp;P Global Ratings. “Affirmation of Colby College’s ]]>
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<![CDATA[ The Maine Finance Authority issued $66.9 million in bonds to finance the construction of a new dorm. The bonds mature between 2027 and 2035, yielding between 2.91% and 3.05%. They pay interest at 5%. The securities received a rating of Aa2 from Moody’s Investors Service and AA from S&amp;P Global Ratings. “Affirmation of Colby College’s Aa2 issuer rating reflects its market position as a highly selective college with exceptional student demand trends, including plans for further enrollment growth that will fuel revenue gains and supports its excellent strategic positioning,” Moody’s analysts wrote. The issuance comes as Colby, a liberal arts college in the central Maine town of Waterville, becomes increasingly selective. The college predicts that it will accept just 6.8% of students in 2027, down from 10% today. Colby enrolls around three hundred more students than it did in 2019. It may need more housing to accommodate these students. Colby will use the issuance proceeds to fund the construction of a new residence hall that is expected to house 217 students. The cost of attending Colby will increase as it builds the new dorm. The all-in cost of attending the school, which includes tuition, fees, and room and board, will be more than $87,000 next fiscal year, according to the official statement accompanying the sale of the bonds. The bonds are special obligations of the Maine Finance Authority and unsecured general obligations of Colby College, payable by its revenue. BofA Securities, Inc served as lead underwriter on the issuance, purchasing the bonds for $75.6 million. The price reflected a premium of almost $9 million. PFM Financial Advisors LLC acted as municipal advisor. ]]>
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<![CDATA[ Ohio Issues $200 Million in Water Bonds ]]>
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<link>https://munichain.com/news/ohio-issues-200-million-in-water-bonds</link>
<guid>https://munichain.com/news/ohio-issues-200-million-in-water-bonds</guid>
<pubDate>Mon, 22 Jul 2024 12:50:01 GMT</pubDate>
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<![CDATA[ The Ohio Water Development Authority sold $200 million in bonds to finance loans to municipal water departments. The bonds mature in 2054 and pay interest at a rate determined daily. They received a rating of Aaa/VMIG 1 from Moody’s Investors Service and AAA/A-1+ from S&amp;P Global Ratings. The authority will loan the bond proceeds to ]]>
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<![CDATA[ The Ohio Water Development Authority sold $200 million in bonds to finance loans to municipal water departments. The bonds mature in 2054 and pay interest at a rate determined daily. They received a rating of Aaa/VMIG 1 from Moody’s Investors Service and AAA/A-1+ from S&amp;P Global Ratings. The authority will loan the bond proceeds to local water authorities as part of an Ohio financing mechanism called the Water Pollution Control Loan Fund. “The Aaa rating reflects that the program will continue to maintain [a] high level of overcollateralization and favorable loan pool characteristics,” Moody’s analysts wrote. The program, which contains more than 600 borrowers, aims to fund local water authorities in Ohio to reduce pollution in the state’s water. More than 95% of community water systems in the state meet health-based standards, according to the Ohio Environmental Protection Agency.&nbsp; The program is on strong financial footing, according to Moody’s. The ratings agency noted that no borrower makes up more than 15% of the total and that the program has a default tolerance of 43%. The bonds are special obligations of the Ohio Water Development Authority, secured by loan repayments and interest earnings. TD Securities (USA) LLC served as underwriter on the issuance, purchasing the bonds for close to par. PFM Financial Advisors LLC acted as municipal advisor. ]]>
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<![CDATA[ MTA Sells $388 Mln in Bonds ]]>
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<link>https://munichain.com/news/mta-sells-388-mln-in-bonds</link>
<guid>https://munichain.com/news/mta-sells-388-mln-in-bonds</guid>
<pubDate>Mon, 22 Jul 2024 12:48:54 GMT</pubDate>
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<![CDATA[ New York’s Metropolitan Transportation Authority issued $388.5 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2054, yielding between 2.81% and 4.17%. Fitch Ratings and S&amp;P Global Ratings each assigned the bonds a rating of AA. The rating is “based on the growth prospects and resilience of the underlying revenues ]]>
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<![CDATA[ New York’s Metropolitan Transportation Authority issued $388.5 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2054, yielding between 2.81% and 4.17%. Fitch Ratings and S&amp;P Global Ratings each assigned the bonds a rating of AA. The rating is “based on the growth prospects and resilience of the underlying revenues from which pledged receipts are drawn,” Fitch analysts wrote. The issuance comes after New York Governor Kathy Hochul tabled a congestion pricing plan that the MTA expected would increase its revenue by $1 billion annually. The MTA now expects that it will have to defer some $16.5 billion in capital projects that would have been funded by congestion pricing revenue, according to the official statement accompanying the sale of the bonds.  Hochul has not released a timeline for resuming the congestion pricing program. Deferred projects had focused on system expansion, ADA accessibility, zero-emission buses, infrastructure and technology upgrades, and other initiatives. The MTA will instead prioritize “good repair projects,” according to the bond documents.&nbsp; The MTA also anticipates that it now may have to sell bonds earlier than anticipated. “This earlier debt issuance could increase debt service costs,” the bond documents read. The bonds are special obligations of the MTA, payable by certain state tax revenue. BofA Securities, Inc served as lead underwriter on the issuance, purchasing the bonds for $424.8 million. The price reflected a premium of $38.1 million and a discount of $1.8 million. Public Resources Advisory Group, Inc and Backstrom McCarley Berry &amp; Co, LLC acted as financial advisors. ]]>
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<![CDATA[ Florida Capital Issues $181 Million in Bonds ]]>
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<link>https://munichain.com/news/florida-capital-issues-181-million-in-bonds</link>
<guid>https://munichain.com/news/florida-capital-issues-181-million-in-bonds</guid>
<pubDate>Fri, 19 Jul 2024 14:10:20 GMT</pubDate>
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<![CDATA[ Tallahassee, Florida, sold $181 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2040, yielding between 2.97% and 3.46%. They pay interest at 5%. The securities received a rating of AA+ from Fitch Ratings and AA from S&amp;P Global Ratings. The city will use the issuance proceeds to refund bonds ]]>
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<![CDATA[ Tallahassee, Florida, sold $181 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2040, yielding between 2.97% and 3.46%. They pay interest at 5%. The securities received a rating of AA+ from Fitch Ratings and AA from S&amp;P Global Ratings. The city will use the issuance proceeds to refund bonds that it sold in 2010 and 2017 to improve its water and sewer system. &#8220;The rating reflects our view of management’s robust and forward-looking operational and financial plans and policies that have resulted in sound financial performance that we expect will continue given a history of timely rate adjustments,&#8221; S&amp;P analyst Alexandra Rozgonyi said in a press release. The issuance follows new rules issued in April by the Environmental Protection Agency that require municipal water systems to meet a higher standard on the level of so-called forever chemicals in drinking water. Tallahassee’s water authority has tested all of its water wells and found just one with elevated levels of per- and polyfluoroalkyl substances, according to Fitch. The authority is deciding whether to treat or decommission the well, Fitch reported. Tallahassee, Florida’s capital city, is home to around 200,000 people. The bonds are special obligations of the city, payable by net revenues from its water and sewer system.&nbsp; BofA Securities, Inc served as lead underwriter on the issuance, purchasing the bonds for $204.3 million. The price reflected a premium of more than $23 million. PFM Financial Advisors LLC acted as municipal advisor. ]]>
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<![CDATA[ Texas County Sells $746 Mln in Infrastructure Bonds ]]>
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<link>https://munichain.com/news/texas-county-sells-746-mln-in-infrastructure-bonds</link>
<guid>https://munichain.com/news/texas-county-sells-746-mln-in-infrastructure-bonds</guid>
<pubDate>Fri, 19 Jul 2024 14:09:12 GMT</pubDate>
<description>
<![CDATA[ Harris County, Texas, issued $746 million in bonds to make public improvements and refund previously issued securities. The county sold the bonds in two series. The Series 2024A bonds, consisting of $322.9 million, mature between 2025 and 2054, yielding between 3.01% and 4.15%. The Series 2024 certificates of obligation, consisting of $423.1 million, mature between ]]>
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<![CDATA[ Harris County, Texas, issued $746 million in bonds to make public improvements and refund previously issued securities. The county sold the bonds in two series. The Series 2024A bonds, consisting of $322.9 million, mature between 2025 and 2054, yielding between 3.01% and 4.15%. The Series 2024 certificates of obligation, consisting of $423.1 million, mature between 2026 and 2054, yielding between 3.01% and 4.35%. The securities received a rating of AAA from Kroll Bond Rating Agency and Aaa from Moody’s Investors Service. “The Aaa issuer rating reflects a large and robust economy anchored by the City of Houston, that continues its steady post pandemic recovery with high employment, a by-product of the desirability of the area,” Moody’s analysts wrote. The county will use the proceeds from the Series A bonds to refund and defease commercial paper notes. It will use the proceeds from the certificates to improve county infrastructure, including jails, roads, and flood control projects. Harris County includes Houston and its surrounding suburbs. The issuance comes on the heels of a $734 million issuance by the city.  The securities are payable by property taxes. Morgan Stanley &amp; Co LLC served as lead underwriter on the issuance, purchasing the bonds for $803 million. The price reflected a premium of $59.8 million and a discount of $2.73 million. Masterson Advisors LLC and TKG &amp; Associates LLC acted as financial advisors. ]]>
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<![CDATA[ University of South Alabama Issues $93 Million in Bonds ]]>
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<link>https://munichain.com/news/university-of-south-alabama-issues-93-million-in-bonds</link>
<guid>https://munichain.com/news/university-of-south-alabama-issues-93-million-in-bonds</guid>
<pubDate>Thu, 18 Jul 2024 14:09:19 GMT</pubDate>
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<![CDATA[ The University of South Alabama sold $92.7 million in bonds to refund previously issued securities. The university issued $72.8 million in tax-exempt bonds and $19.9 million in taxable bonds. The tax-exempt bonds mature between 2035 and 2054, yielding between 3.25% and 4.15%. The taxable bonds mature between 2025 and 2035, yielding between 4.753% and 5.233%.&nbsp; ]]>
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<![CDATA[ The University of South Alabama sold $92.7 million in bonds to refund previously issued securities. The university issued $72.8 million in tax-exempt bonds and $19.9 million in taxable bonds. The tax-exempt bonds mature between 2035 and 2054, yielding between 3.25% and 4.15%. The taxable bonds mature between 2025 and 2035, yielding between 4.753% and 5.233%.&nbsp; The securities received an insured rating of AA from S&amp;P Global Ratings and an underlying rating of A+ from S&amp;P and A1 from Moody’s Investors Service, which revised the university’s outlook to stable from negative. “The revision of the outlook to stable from negative reflects expectations of maintenance of operating performance, positive enrollment trends and liquidity,” Moody’s analysts wrote. The university will use the issuance proceeds to refund bonds that it sold last year.&nbsp; The University of South Alabama enrolls some 13,768 students at its campus in Mobile. It also operates an academic medical center that includes three hospitals. The bonds are special and limited obligations of the university, secured by tuition revenue and some hospital revenue. J.P. Morgan Securities LLC served as lead underwriter on the issuance, purchasing the bonds for almost $100 million. The price reflected a premium of $7 million. PFM Financial Advisors LLC acted as municipal advisor. ]]>
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<![CDATA[ Houston Sells $734 Mln in Bonds ]]>
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<link>https://munichain.com/news/houston-sells-734-mln-in-bonds</link>
<guid>https://munichain.com/news/houston-sells-734-mln-in-bonds</guid>
<pubDate>Thu, 18 Jul 2024 14:08:23 GMT</pubDate>
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<![CDATA[ Houston, Texas, issued $734.3 million in bonds to refund previously issued securities.&nbsp; The city sold the bonds in two series. The Series 2024A bonds, consisting of $612.1 million, mature between 2025 and 2051, yielding between 3.03% and 4.38%. The Series 2024B bonds, consisting of $122.1 million, mature between 2025 and 2044, yielding between 3.03% and ]]>
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<![CDATA[ Houston, Texas, issued $734.3 million in bonds to refund previously issued securities.&nbsp; The city sold the bonds in two series. The Series 2024A bonds, consisting of $612.1 million, mature between 2025 and 2051, yielding between 3.03% and 4.38%. The Series 2024B bonds, consisting of $122.1 million, mature between 2025 and 2044, yielding between 3.03% and 3.8%. The securities received a rating of Aa3 from Moody’s Investors Service and AA from S&amp;P Global Ratings. “The Aa3 rating affirmation and stable outlook reflects the inherent strengths of the city’s credit profile including a solid financial position across all funds,” Moody’s analysts wrote. The issuance comes after Hurricane Beryl wreaked havoc in eastern Texas, killing 18 people and knocking out power at more than 2 million homes. The city is still tallying the economic damage caused by the storm, but an early tally by AccuWeather has national costs at between $28 and $32 billion. That could make Beryl one of the costliest storms to hit Houston since Hurricane Harvey caused $2.3 billion in damages to the city in 2017. These storms are becoming more likely as a result of climate change, scientists say. Houston has experienced four storms exceeding a 0.2% probability of occurring (also known as 500-year flood events) since 2015, according to the official statement accompanying the sale of the bonds. Houston will use the issuance proceeds to achieve debt service savings by refunding bonds that it sold in 2014 and other notes. The bonds are direct obligations of the city, payable by property taxes. Ramirez &amp; Co, Inc served as lead underwriter on the issuance, purchasing the bonds for $791.5 million. The price reflected a premium of around $60 million. Masterson Advisors LLC and the RSI Group, Inc acted as financial advisors. ]]>
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<![CDATA[ Texas Issues $250 Million in Housing Bonds ]]>
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<link>https://munichain.com/news/texas-issues-250-million-in-housing-bonds</link>
<guid>https://munichain.com/news/texas-issues-250-million-in-housing-bonds</guid>
<pubDate>Wed, 17 Jul 2024 16:28:19 GMT</pubDate>
<description>
<![CDATA[ The Texas Department of Housing and Community Affairs sold $250 million in bonds to finance affordable housing initiatives.&nbsp; The department issued $150 million in tax-exempt bonds and $100 million in taxable bonds. The tax-exempt bonds mature between 2025 and 2054, paying interest at rates between 3.95% and 6%. The taxable bonds also mature between 2025 ]]>
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<![CDATA[ The Texas Department of Housing and Community Affairs sold $250 million in bonds to finance affordable housing initiatives.&nbsp; The department issued $150 million in tax-exempt bonds and $100 million in taxable bonds. The tax-exempt bonds mature between 2025 and 2054, paying interest at rates between 3.95% and 6%. The taxable bonds also mature between 2025 and 2054, bearing interest at rates between 4.676% and 6%. The securities received a rating of Aaa from Moody’s Investors Service and AA+ from S&amp;P Global Ratings. The department will use the issuance proceeds to fund its mortgage revenue bond program, which involves purchasing mortgage backed securities to fund down payment and closing cost assistance for low- and moderate-income Texans. “The Aaa rating reflects that the program’s strong financial position will continue,” Moody’s analysts wrote. The Texas legislature created the department in 1991 to act as a conduit for federal grant funds for housing and community services, tasks that require it to operate as the state’s housing finance agency. It has used bond proceeds to finance $1.9 billion worth of first lien loans over the past three years, assisting more than 8,500 households, according to the official statement accompanying the sale of the bonds. The bonds are limited obligations of the department, secured by mortgage revenue.&nbsp; Ramirez &amp; Co, Inc served as lead underwriter on the issuance, purchasing the bonds for $258.3 million. The price reflected a premium of $8.3 million. Stifel, Nicolaus &amp; Co, Inc acted as financial advisor. ]]>
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<![CDATA[ South Florida School District Sells $270 Mln in Notes ]]>
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<link>https://munichain.com/news/south-florida-school-district-sells-270-mln-in-notes</link>
<guid>https://munichain.com/news/south-florida-school-district-sells-270-mln-in-notes</guid>
<pubDate>Wed, 17 Jul 2024 16:26:46 GMT</pubDate>
<description>
<![CDATA[ The School District of Broward County, Florida, issued $269.3 million in tax anticipation notes to finance its operating expenses for the upcoming fiscal year. The notes mature in June of next year and yield 3.35%. They pay interest at 4%. The securities received a rating of MIG 1 from Moody’s Investors Service, which revised the ]]>
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<![CDATA[ The School District of Broward County, Florida, issued $269.3 million in tax anticipation notes to finance its operating expenses for the upcoming fiscal year. The notes mature in June of next year and yield 3.35%. They pay interest at 4%. The securities received a rating of MIG 1 from Moody’s Investors Service, which revised the school district’s outlook to negative from stable in May. “The negative outlook reflects recent declines in fund balance and the expectation of an additional decline in fiscal 2024,” Moody’s analysts wrote.&nbsp; The district’s general fund balance fell more than 12% last year, from $218.1 million in 2022 to $190.9 million last year, according to the official statement accompanying the sale of the notes. That brought the school district’s general fund ending balance to 3.6% of its general fund revenue. If the district expects its balance to fall below 3%, it must alert the school board and Florida’s commissioner of education.&nbsp; Moody’s analysts wrote that they expect declines this year to result in an available fund balance above that threshold, between 4% and 5%. However, they wrote that “additional declines in fiscal 2025 and the lack of a plan to rebuild fund balance in line with historic levels will likely result in a downgrade.” Broward County is the second-most populous in Florida and includes the city of Fort Lauderdale. The district will use the proceeds from the sale of the notes to fund its expenses for the fiscal year that began July 1 in anticipation of the receipt of property taxes. The notes are special, limited obligations of the school district, secured by property taxes. J.P. Morgan Securities LLC served as underwriter on the issuance, purchasing the notes for more than $270 million. The price reflected a premium of almost $1 million. PFM Financial Advisors LLC acted as municipal advisor.&nbsp; ]]>
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<![CDATA[ Virginia City Issues $78 Mln in Bonds ]]>
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<link>https://munichain.com/news/virginia-city-issues-78-mln-in-bonds</link>
<guid>https://munichain.com/news/virginia-city-issues-78-mln-in-bonds</guid>
<pubDate>Tue, 16 Jul 2024 17:49:52 GMT</pubDate>
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<![CDATA[ Chesapeake, Virginia, sold $78.1 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2047, yielding between 3.1% and 4.2% They received an insured rating of AA from S&amp;P Global Ratings, which assigned an underlying rating of AA-. Fitch Ratings also rated the underlying bonds AA- and revised its outlook to ]]>
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<![CDATA[ Chesapeake, Virginia, sold $78.1 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2047, yielding between 3.1% and 4.2% They received an insured rating of AA from S&amp;P Global Ratings, which assigned an underlying rating of AA-. Fitch Ratings also rated the underlying bonds AA- and revised its outlook to positive from stable. The city will use the issuance proceeds to refund bonds that it sold in 2012 to finance Chesapeake Transportation Authority (CTA) upgrades. Fitch analysts wrote that their revision “reflects the strengthening credit profile” of the CTA’s toll system. Toll revenue forms the backbone of the security for the issuance. Population growth in Chesapeake has outpaced state and national levels in recent years. The city grew by an average of 1.1% annually between 2000 and 2022, compared to 0.9% in Virginia and 0.8% nationally, according to the official statement accompanying the sale of the bonds. A larger population generally increases a city’s economy, and therefore its tax base; more drivers on the road means more toll revenue. Chesapeake is now home to 250,000 people. It is in southeastern Virginia, forming a metropolitan area with Norfolk, its northern neighbor of around the same size. The bonds are special, limited obligations of the city of Chesapeake, payable by CTA revenue. BofA Securities, Inc served as lead underwriter on the issuance, purchasing the bonds for almost $80 million. The price reflected a premium of almost $2 million. Raymond James &amp; Associates, Inc acted as municipal advisor. ]]>
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<![CDATA[ NY Housing Authority Sells $1.2 Bln in Bonds ]]>
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<link>https://munichain.com/news/ny-housing-authority-sells-1-2-bln-in-bonds</link>
<guid>https://munichain.com/news/ny-housing-authority-sells-1-2-bln-in-bonds</guid>
<pubDate>Tue, 16 Jul 2024 17:48:53 GMT</pubDate>
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<![CDATA[ The Dormitory Authority of the State of New York (DASNY) issued $1.22 billion in bonds to finance infrastructure improvements. The bonds mature between 2026 and 2056, yielding between 2.92% and 4.1%. They pay interest at 5%. The securities received a rating of AAA from Kroll Bond Rating Agency and Aa1 from Moody’s Investors Service. The ]]>
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<![CDATA[ The Dormitory Authority of the State of New York (DASNY) issued $1.22 billion in bonds to finance infrastructure improvements. The bonds mature between 2026 and 2056, yielding between 2.92% and 4.1%. They pay interest at 5%. The securities received a rating of AAA from Kroll Bond Rating Agency and Aa1 from Moody’s Investors Service. The rating “incorporates the strength of New York’s sales tax revenue base, very strong coverage of debt service, and a strong bond payment mechanism,” Moody’s analysts wrote. The authority anticipates using the bond proceeds to fund transportation projects. These include programs administered by the Department of Transportation, the Metropolitan Transportation Authority, and the Consolidated Local Street and Highway Improvement Program. New York Governor Thomas Dewey established DASNY in 1944 to finance health and education infrastructure in the state. The bonds are special obligations of the authority, secured by sales tax revenue. The city collected $9.4 billion in sales tax revenue bond tax refund receipts during a recent 12-month period, according to the official statement accompanying the sale of the bonds. Morgan Stanley &amp; Co LLC, J.P. Morgan Securities LLC, and BofA Securities, Inc served as underwriters on the issuance, purchasing the bonds for $1.35 billion. The price reflected a premium of $129.4 million. Public Resources Advisory Group, Inc acted as financial advisor.&nbsp; ]]>
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<![CDATA[ Atlanta Issues $300 Million in Notes ]]>
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<link>https://munichain.com/news/atlanta-issues-300-million-in-notes</link>
<guid>https://munichain.com/news/atlanta-issues-300-million-in-notes</guid>
<pubDate>Mon, 15 Jul 2024 13:01:54 GMT</pubDate>
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<![CDATA[ Atlanta, Georgia, sold $300 million in notes to finance upgrades to its water infrastructure. The city issued the notes in two series, which are likely to mature within the next year. The interest they bear is capped at 12% per year. The securities received a rating of P-1 from Moody’s and A-1/A-1+ from S&amp;P Global ]]>
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<![CDATA[ Atlanta, Georgia, sold $300 million in notes to finance upgrades to its water infrastructure. The city issued the notes in two series, which are likely to mature within the next year. The interest they bear is capped at 12% per year. The securities received a rating of P-1 from Moody’s and A-1/A-1+ from S&amp;P Global Ratings. Atlanta will use the proceeds from the sale of the notes to finance capital improvements to its water and sewer system. Atlanta’s water infrastructure is aging, and the city has not funded improvements at the pace that watchdog groups say is necessary to keep its water infrastructure in good shape. The American Society of Civil Engineers, an industry group, found there is a $620 million annual gap between metropolitan Atlanta’s stormwater infrastructure needs and funding. Atlanta might begin to close that gap by collecting delinquent water bills, which form the water and sewer system’s funding stream. As of June 2023, the city had $197.8 million in unpaid water bills outstanding, according to the city auditor’s office. “Watershed Management has not consistently enforced water shutoffs for nonpayment since 2010,” according to the auditor’s report. The city will also use the issuance proceeds to refund notes that it sold in 2021. The notes are limited obligations of the city of Atlanta, secured by water and sewer system revenue. Wells Fargo Bank, NA, and TD Securities (USA) LLC were designated as dealers for the notes. Hilltop Securities Inc and Grant &amp; Associates, LLC acted as financial advisors. ]]>
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<![CDATA[ Baltimore County Sells $382 Mln in Bonds ]]>
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<link>https://munichain.com/news/baltimore-county-sells-382-mln-in-bonds</link>
<guid>https://munichain.com/news/baltimore-county-sells-382-mln-in-bonds</guid>
<pubDate>Mon, 15 Jul 2024 13:00:20 GMT</pubDate>
<description>
<![CDATA[ Baltimore County, Maryland, issued $382.4 million in bonds to finance a variety of capital costs and refund previously issued securities. The county sold the bonds in four series, with maturities ranging from 2025 to 2054 and yields from 2.91% to 3.93%. All of the bonds pay interest at 5%. The securities received a rating of ]]>
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<![CDATA[ Baltimore County, Maryland, issued $382.4 million in bonds to finance a variety of capital costs and refund previously issued securities. The county sold the bonds in four series, with maturities ranging from 2025 to 2054 and yields from 2.91% to 3.93%. All of the bonds pay interest at 5%. The securities received a rating of AAA from Fitch Ratings, Aaa from Moody’s Investors Service, and AAA from S&amp;P Global Ratings. The rating “recognizes the county’s role as the center of an important and growing MSA that contributes significantly to the national economy,” Fitch analysts wrote, referring to the metropolitan statistical area. The collapse of Baltimore’s Francis Scott Key Bridge earlier this year highlighted the county’s role in the U.S. economy. The March collision between the bridge and a Sri Lanka-bound cargo ship resulted in the partial closure of the Port of Baltimore, which fully reopened just last month. The port is the third-largest on the East Coast; economists estimated that its closure cost the national economy some $15 million per day. Baltimore County is currently assessing the long-term impact of the bridge collapse on its economic development, according to the official statement accompanying the sale of the bonds. It does not expect to pay for the rebuilding of the bridge. The county will use the bond proceeds to upgrade its water and sewer system, improve its school facilities, and refund bonds that it sold in 2014. The bonds are general obligations of the county, backed by its full faith and credit. Public Resources Advisory Group, Inc acted as financial advisor. ]]>
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