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Article: Rhode Island agency offers issue hotel owners see as threat. (Rhode Island Convention Center Authority)
- Article from:
- The Bond Buyer
- Article date:
- November 7, 1991
- Author:
CopyrightCOPYRIGHT 1991 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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One of the largest deals on this week's competitive slate is the debut offering of the Rhode Island Convention Center Authority, $225 million of revenue bonds expected to be sold today.
The authority is planning to use the proceeds to retire $100 million of notes that mature Nov. 21. The deal will also raise new money for what could end up being a $290 million project including a convention center, garages, and two affiliated hotels.
The offering comes to market following charges that the hotels would be quickly sold to private investors.
The accusation was made last spring by owners of existing hotels in Provindence, who complained that the ...