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December 11, 2009
Tax-Exempt Muni Bond Sales Rise 64%, Led by More Refinancing
Bloomberg.com
By Jeremy Cooke
The following, which originally ran on December 9, is from an article under a list of upcoming bond issues:
BROOKLYN ARENA LOCAL DEVELOPMENT CORP. intends to issue $500 million of tax-exempt bonds to help finance construction of a new facility in New York City for the New Jersey Nets, which set a National Basketball Association record this month for the worst start to a season. The debt, rated at the lowest investment grades by Moody’s and Standard & Poor’s, will be backed by payments in lieu of property taxes, known as Pilots, derived from arena revenue. Forest City Ratner Cos. is developing the arena, Barclays Center, as part of the Atlantic Yards project in the city’s most populous borough. Underwriters led by Goldman Sachs and Barclays Plc are marketing the bonds, which need to be sold by year-end to meet a deadline for tax- exemption rules. (Updated Dec. 9)
NoLandGrab: Unmentioned in all of the bond documentation is the fact that developer Forest City Ratner just delayed a $5 million mortgage payment while the loan is being renegotiated.
Posted by lumi at December 11, 2009 5:59 AM