Miss-Delectable
New Member
- Joined
- Apr 18, 2004
- Messages
- 17,158
- Reaction score
- 7
emii.com: Arizona To Raise In $300M Debt Deal
Arizona is looking to raise $300 million by selling its Supreme Court building and about a dozen more properties through leaseback bonds, Bloomberg reports. Investors will get the ownership of the court building in Phoenix and the Arizona Schools for the Deaf and the Blind in Tucson for about 20 years, with the securities expiring serially from 2012 through 2029.
The government will use the lease proceeds to back the debt, called certificates of participation. Arizona is selling the properties to fund three months of school aid. The state had raised $709 million for education payments when it divested and then leased back nine properties to investors in January 2010.
Arizona is looking to raise $300 million by selling its Supreme Court building and about a dozen more properties through leaseback bonds, Bloomberg reports. Investors will get the ownership of the court building in Phoenix and the Arizona Schools for the Deaf and the Blind in Tucson for about 20 years, with the securities expiring serially from 2012 through 2029.
The government will use the lease proceeds to back the debt, called certificates of participation. Arizona is selling the properties to fund three months of school aid. The state had raised $709 million for education payments when it divested and then leased back nine properties to investors in January 2010.