$7,350,000
BOONE COUNTY, KENTUCKY
INDUSTRIAL BUILDING REVENUE BONDS
(AVCAP CVG, LLC Project)
Series 2010
Greencoast served as Placement Agent for the Boone County, Kentucky Industrial Building Revenue Bonds (AVCAP CVG, LLC Project), Series 2010. The Bonds were issued as lease revenue recovery zone bonds to finance the construction of a 15,000 sq ft Airport Plaza on property owned by the Cincinnati/ Northern Kentucky International Airport. The facility is designed to provide employees, travelers and others in and around the Airport with convenient access to food, fuel and other goods and services. Greencoast worked closely with the developer, Airport, prospective concessionaires and other interested parties to analyze the unique credit attributes of the proposed facility and design strong security features to allay any investor concerns arising from the uniqueness of the project.
The recovery zone bond authorization expired on December 31, 2010, making a closing by year-end imperative. Greencoast placed these Bonds in the last week of the year, during a very difficult market with unprecedented outflows from municipal funds and yields increasing substantially. In order to close the transaction in such a difficult market, Greencoast structured the non-rated Bonds with an initial short-term interest period and optional and mandatory tender features to allow for them to be later remarketed at a long-term fixed interest rate.