$3.5M Sac County, Iowa IRB 2000 Rated `AA/F1+' By Fitch IBCA.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 9, 2000 Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals rates Sac County, Iowa's industrial revenue bonds (EVAPCO, Inc. Project), series 2000 'AA/F1+'. The rating is based on the 100% support of Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , N.A. in the form of a transferable, irrevocable direct-pay letter of credit. The bank is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to make payments of principal, interest and purchase price upon maturity, acceleration, redemption and tender of the bonds. The rating will expire upon the stated expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of the letter of credit, Feb. 15, 2008, upon any prior termination of the LOC LOC - lines of code or upon maturity or defeasance of the bonds. The maturity date of the bonds is Feb. 1, 2016. The LOC provides full coverage of principal and interest payments due on the bonds, as well as purchase price. Interest is computed at a maximum rate of 15% based on a year of 365 days for a period of 35 days. The Underwriter and Remarketing Agent for the bonds is Bank of America, N.A. The sale is scheduled for Feb. 17, 2000. The bonds initially bear interest at the weekly interest rate, but may be converted to a different variable rate or to a fixed interest rate. While bonds bear interest in the weekly mode, interest payments are due the first day of each month, commencing March 1, 2000, and bondholders have the option to tender their bonds, provided the remarketing agent is given seven days' notice of the purchase. The bonds are subject to mandatory tender upon conversion of the interest rate and upon substitution of the LOC, as well as upon other events, as specified in the Trust Indenture. Optional and mandatory redemption provisions also apply to the bonds. Proceeds of the bonds will be used by the borrower to finance the acquisition, construction, equipping and furnishing of a manufacturing facility to be used for the manufacturing of specialty engineered industrial refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. and air conditioning products to be located within Taneytown, Md. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion