Fitch Rts $95MM Santa Rosa Rancheria Tachi Yokut Tribe VRDBs Ser 2004 'A+/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 'A+/F1+' to the $95,000,000 Santa Rosa Rancheria Santa Rosa Rancheria is an Indian reservation located 7.25 km (4.5 mi) SE of Lemoore, California. It was established in 1934 on about 40 acres. The Santa Rosa Rancheria belongs to the Tachi Yokut tribe and is the site of the Tachi Palace hotel and casino [1]. Tachi Yokut Tribe variable rate demand bonds, 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 One, NA. 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 of and interest upon maturity, acceleration and redemption, as well as purchase price for tendered bonds. The rating will expire upon the earliest of: September 16, 2006, the stated expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist.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 LOC, unless extended; any prior termination of the LOC; and defeasance of the bonds. The LOC provides full coverage of principal, plus an amount equal to 45 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 J.P. Morgan Securities Inc. The bonds are expected to be delivered on or about September 23, 2004. The bonds initially bear interest at the weekly interest rate, but may be converted to a fixed interest rate mode. While bonds bear interest in the weekly rate mode, interest payments are the first business day of each month, commencing October 1, 2004. Holders may tender their bonds on any business day, provided the requisite prior notice is given. The bonds are subject to mandatory tender on: (1) conversion to a fixed rate; or (2) the substitution of LOC. Optional and mandatory redemption provisions also apply to the bonds, as set forth in the Trust Indenture. Bond proceeds will be used (i) to construct and equip a hotel, conference center, expanded gaming area, warehouse and related infrastructure; (ii) to refinance certain existing indebtedness; and (iii) to pay costs of issuance of the bonds. |
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