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Article: Bank of America withdraws offer to underwrite Los Angeles issue. (Los Angeles convention center financing)
- Article from:
- The Bond Buyer
- Article date:
- May 18, 1993
- Author:
CopyrightCOPYRIGHT 1993 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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LOS ANGELES -- Bank of America on Friday withdrew its proposal to work on the Los Angeles convention center financing, citing concern over the underwriting selection procedures, and instead proposed that the city conduct a competitive deal instead.
Meanwhile, officials at Grigsby Brandford & Co., the proposed bookrunning manager, yesterday strongly derided any suggestion that the firm gained its appointment on anything other than merit.
Bank of America's withdrawal was in response to the Los Angeles Convention and Exhibition Center Authority's 10-to-1 vote on Wednesday in favor of Grigsby Brandford as bookrunner and Goldman Sachs & Co. and PaineWebber ...