North Carolina commission approves bonds for three issuers
Brad Briner
The North Carolina Local Government Commission approved bonds for three issuers that could total $505 million.
The panel greenlighted $130 million certificates of participation for the
The commission, under the oversight of North Carolina Treasurer Brad Briner, approved $210 million for Charlotte Water, but expects it to sell around $160 million. They are rated Aaa by Moody’s Ratings and AAA by S&P Global Ratings.
The bonds, which will refund Series 2015 bonds, have final maturity in July 2045. BofA Securities will serve as senior underwriter and Ramirez & Co. will co-manage the deal.
Charlotte’s COPs will refinance Series 2023A COPs and finance improvements and renovations to a parking facility and firehouse. The Series 2023A COPs were used for renovations to the city’s Spectrum Center and renovations to the firehouse.
The Spectrum Center is home to the National Basketball Association’s Charlotte Hornets and hosts concerts.
The outstanding COPs are rated Aa1 by Moody’s, AA-plus by S&P and AA-plus by Fitch Ratings. Charlotte expects the new COPs ratings next week.
The COPS are expected to price on July 24 with PNC Capital Markets as senior manager and Wells Fargo Securities as co-manager.
Additionally, the commission approved Nash Health Care sell $165 million to construct a bed tower and related facilities.
The bonds will have final maturity in November 2060.
They are rated BBB by S&P.
Wells Fargo Bank is the lead underwriter and BofA Securities is the co-manager.
Nash expects to sell $160.2 million of the $165 million approved, with pricing on July 22.
The building will replace a 60-year-old building with significant operational and experiential limitations.
