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Louisville Arena Authority selects underwriters for potential advance refunding

The Louisville Arena Authority today selected the underwriting management group for its potential refunding of the Authority’s outstanding debt.

LOUISVILLE, Ky. (Feb. 10, 2017) – The Louisville Arena Authority today selected the underwriting management group for its potential refunding of the Authority’s outstanding debt.

Bank of America Merrill Lynch will be the book running senior manager and Siebert Cisneros Shank will be the co-senior manager. The co-managers, in alphabetical order, will be Cabrera Capital Markets, Citi, Drexel Hamilton, Goldman Sachs, Morgan Stanley, PNC, Raymond James, RBC, Stifel Nicholas and Wells.

As part of the selection process, the LAA’s underwriting Request for Qualifications (RFQ) was sent to 22 underwriting firms and posted on its web site. Sixteen firms responded and six finalists were interviewed by the Finance Committee for the senior positions. The senior managers were selected based on their experience and understanding of complex financial structures for arena-type financings, proven underwriting and distribution strength and commitment to the LAA. The co-managers were selected primarily for their ability to access distinct markets with an emphasis on retail distribution in Kentucky.

The selection of underwriters does not guarantee a refunding of the existing bonds.

“We look forward to working with our financial advisor, Hilliard Lyons, and an underwriting team led by Bank of America Merrill Lynch and Siebert Cisneros Shank to restructure the Louisville Arena Authority’s debt,” Louisville Arena Authority Chairman Scott C. Cox said. “We hope that once the LAA strengthens its partnership and financial agreements with the Commonwealth of Kentucky, City of Louisville and the University of Louisville, we will be in a position to take advantage of the current low interest rate environment and refund our existing bonds.”