Agua Caliente Band of Cahuilla Indians Completes $230 Million Bond Issue for Casino Hotel.Funding Goes toward Casino Hotel Construction Project Now in Progress PALM SPRINGS, Calif. -- The Agua Caliente Agua Caliente (also: Aguas Calientes, Aguascalientes, etc.) means "hot springs" in Spanish. The term has several uses: Place names:
The debt issuance will be used to fund the construction of a new 344-room luxury hotel at its Agua Caliente Casino The Agua Caliente Casino is an Indian-gaming facility in Rancho Mirage, California. It is run by the Agua Caliente Band of Cahuilla Indians. The facility currently has over 45,000 square feet of gambling floor. located near Rancho Mirage, Calif. A portion of the bond proceeds will also be used to retire substantially all existing debt of the Tribe's gaming operations. The secured notes were rated "A-" by Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Fitch, "The A- Rating reflects a long history of stable operations of two casino facilities with sound financial margins, ample coverage of maximum annual debt service (MADS) from pledged revenues, and tribal governance stability." The Tribe's Chief Financial Officer, Max Ross, said it was the sixth financing project completed in the past six years, "and our second successful bond offering." Sale of the bonds was facilitated through JPMorgan Securities Inc. "The current taxable issue was four times oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. , which resulted in favorable interest rates for the Tribe," Ross said. "The attractiveness of this offering reflects the positive financial condition of the Tribe and the continued success and growth of its gaming operations." The Tribe plans to open the new hotel facility in the first quarter of 2008. The 15-story structure will include 322 guestrooms, 20 executive suites, and 2 presidential suites, as well as a full service spa, fitness center, pool, and additional meeting space. About the Agua Caliente Band of Cahuilla Indians: The Agua Caliente Band of Cahuilla Indians is a federally recognized Indian tribe INDIAN TRIBE. A separate and distinct community or body of the aboriginal Indian race of men found in the United States. 2. Such a tribe, situated within the boundaries of a state, and exercising the powers of government and, sovereignty, under the national located in Palm Springs, Calif., with 31,500 acres of reservation lands that spread across Palm Springs, Cathedral City, Rancho Mirage, and into the Santa Rosa and San Jacinto mountains San Jacinto Mountains Segment of the Pacific Coast Ranges, southwestern California, U.S. San Jacinto Peak is the highest point in these mountains, at 10,804 ft (3,293 m); the city of Palm Springs lies at its eastern base. . The 421-member tribe has diversified business holdings in real estate development, financial services and gaming. ACBCI's operations include the Spa Resort Casino and Hotel in downtown Palm Springs, the Agua Caliente Casino near Rancho Mirage and the Indian Canyons Golf Resort, an 18-hole championship golf course. The Tribe's headquarters is located at: Agua Caliente Band of Cahuilla Indians 650 East Tahquitz Canyon Way Palm Springs, CA 92262 760-325-3400 http://www.aguacaliente.org/ |
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