The San Francisco Airport Commission refunds $110 million in fixed-rate revenue bonds with new variable-rate bonds to lower its overall interest cost.  •  The San Dieguito Union High School District responds to the turbulent auction-rate market by converting $90 million in ARS bonds to fixed-rate securities.  •  De La Rosa & Co. generates $41 million of retail orders to reduce yields and save the L.A. County Metropolitan Transportation Authority significant interest costs on a $25-million Sales Tax Revenue Bond issue.  •  The L.A. Community Redevelopment Agency obtains a strong investment-grade rating on a $12.5-million Taxable Tax-Allocation Bond issue for the Westlake Recovery Project.  •  Despite a tough market, Beverly Hills successfully refunds $31 million in water revenue bonds and $17 million in wastewater revenue bonds for economic savings.  •  The Gridley Redevelopment Agency clears various hurdles caused by tightening credit in the municipal market to successfully execute its first tax-allocation bond financing.  •  Riverside issues unenhanced Bond Anticipation Notes to mute the effects of the collapse of auction-rate securities and prudently control interest costs.  •  The Sacramento Regional County Sanitation District restructures $50 million in auction rate securities with better performing, direct pay variable-rate bonds backed by letters of credit.  • 
 

Pittsburg Fares Well in Crowded Financial Market

In 2006, De La Rosa & Co. served as Senior Manager on a $170-million Tax Allocation Bond for the City of Pittsburg’s Redevelopment Agency. Thanks to De La Rosa’s financing and marketing expertise, the agency raised almost $90 million for non-housing projects and $10 million in housing proceeds, as well as saving more than $3.5 million (about 9.2%) by refinancing the 1993 B Bonds, even though the issue was priced into a national market with about $12 billion in deals forthcoming.

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Designing the Best Structure - Many clients are attracted to variable rate bonds, based on their financial condition, risk profile and size and type of invested fund balances. Others appreciate the certainty of fixed-rate financing and how it supports rational budgeting. Our role as investment banker is to help each client determine which financing method meets their needs, and to deliver the funds at the lowest possible cost

Post-Closing Services - Our business relationship with clients includes a range of post-closing services. We help invest the bond proceeds, with particular attention to safety, a prudent return and arbitrage restrictions. We monitor clients’ issues for opportunities to refund their bonds for savings, or to renegotiate covenants. We also provide technical advice associated with the Trustee’s administration of funds and producing user-friendly financial reports.


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