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Article: Deal in Focus: After First Upgrades Since the Early '90s, Mobile, Ala., Lines Up $56 Million of GOs.
- Article from:
- The Bond Buyer
- Article date:
- January 17, 2008
- Author:
CopyrightCOPYRIGHT 2008 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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BRADENTON, Fla. -- With two rating upgrades to its credit rating, Mobile, Ala., today prices $56 million of general obligation warrants, a large portion of which will finance a major economic development project.
Some $33.5 million of the proceeds of the warrants, which are similar to bonds, will be applied to the citys obligation toward the ThyssenKrupp AG steel plant under construction in northern Mobile County. The remaining proceeds of todays sale, $22.5 million, will be used for various capital improvements in the city.
The fixed-rate deal is expected to have serial maturities between 2022 and 2028, and a $17 million term bond maturing in 2030.
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