Fitch Rates South Carolina Jobs-EDA $61MM Revs 'AA-/F1+'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- 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. assigns a rating of 'AA-/F1+' to the $61,000,000 South Carolina Jobs-Economic Development Authority, economic development revenue bonds (MUFC MUFC Manchester United Football Club MUFC Mobile Units for Family Communication (Red Cross) Central Energy Plant Project), series 2004. The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC LOC - lines of code ) issued by 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., securing the bonds. 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 and interest upon maturity, acceleration and redemption, as well as the purchase price for tendered bonds. The rating will expire upon the earliest of: Dec. 29, 2014, the stated expiration date of the LOC, unless such date is extended; any prior termination of the LOC; and defeasance of the bonds. The LOC provides full coverage of principal plus an amount equal to 35 days' interest at a maximum rate of 12% based on a 365-day year and purchase price for tendered bonds. The remarketing agent for the bonds is Banc of America Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The bonds are expected to be delivered on or about Dec. 29, 2004. The bonds initially bear interest at the weekly interest rate, but may be converted to a daily, flexible, long-term, fixed or auction interest rate period. While bonds bear interest in the weekly rate mode, interest payments are the first business day of each month, commencing Jan. 3, 2005. During the daily and weekly rate modes, holders may tender their bonds on any business day, provided the remarketing agent is given the required prior notice of the purchase. The bonds are subject to mandatory tender: (1) upon interest mode conversion dates; (2) on each interest payment date while in the flexible rate period; (3) upon substitution, expiration or termination of the LOC; and (4) while in the daily or weekly rate mode, on any interest payment date selected by the borrower, with the consent of the remarketing agent and the bank. Additionally, upon any receipt by the trustee, The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. Trust Company, of a notice of an event of default under the Letter of Credit and Reimbursement Agreement, the LOC bank may either direct an acceleration or immediate purchase of the bonds. Optional and mandatory redemption provisions also apply to the bonds. The Borrower, the MUFC Central Energy Plant, LLC, a South Carolina single member limited liability company, will be using the bond proceeds to finance the construction of a central energy plant and certain improvements to provide steam and chilled water for a new hospital to be constructed by Medical University Hospital Authority, an agency of the state. |
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