Bond Buyer: Navajo Nation set to issue first bonds in its history
Posted: Wednesday, June 29, 2011
"The Navajo Nation is quietly planning to access the capital markets for the first time in its history within the coming six months.
Having received its first-ever bond rating in mid-May, the Nation plans to issue debt to construct water and power lines and governmental buildings, according to Mark Grant, controller of the Navajo Nation since 2003.
The Nation has previously taken on debt through private loans. Last year it worked with Cleveland-based KeyBank for a $60 million loan to be used for building new judicial and correctional facilities on its reservation in Crownpoint, N.M., and Tuba City, Ariz.
KeyBanc Capital Markets, retained as the tribe’s underwriter to access the municipal market, then helped the Nation begin the rating process with Standard & Poor’s last November.
“We are looking forward to working with the Nation and the rest of the finance team in bringing the Nation’s first bond issue to market this year,” said KeyBanc managing director Geoff Urbina."
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Navajos Ready to Bond
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