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Fitch Rates Dev Auth of Columbus, Georgia Tax Rev Bnds 'A/F1'
Publish Date : 12/3/2004 1:07:00 PM Source : Business News Onlypunjab.com
Fitch Ratings assigns a rating of 'A/F1' to the $12,750,000 Development Authority of Columbus, Georgia, taxable revenue bonds (Woodmont Properties, LLC -- Greystone at Columbus Park Project), series 2004. The rating is based on the support provided by an irrevocable, direct-pay letter of credit (LOC) issued by Columbus Bank and Trust Company, securing the bonds. The bank is obligated 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. 9, 2009, 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 45 days' interest at a maximum rate of 14% based on a 365-day year and purchase price for tendered bonds. The Remarketing Agent for the bonds is Synovus Securities, Inc. The bonds are expected to be delivered on or about Dec. 9, 2004.
The bonds initially bear interest at the variable rate, which is set on a weekly basis by the Remarketing Agent, but may be converted to a fixed interest rate. While bonds bear interest in the variable rate mode, interest payments are the first Thursday of each month, commencing Jan. 6, 2005. During the variable rate, bondholders may tender their bonds on any business day, with seven days' prior notice of the purchase. The bonds are subject to mandatory tender on conversion of the interest rate and upon substitution of the LOC. A special mandatory redemption occurs upon the expiration of the LOC, unless the LOC has been extended, renewed or replaced with an Alternate LOC in accordance with the terms of the Trust Indenture. Additional mandatory and optional redemption provisions also apply to the bonds.
The bond proceeds will be used to finance the acquisition, construction and installation of an apartment complex located in Columbus, Georgia.
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