Recognizing the inherent value for our clients, Shattuck Hammond has been a leading advocate in promoting the advantages of online competitive bond auctions for the new issuance of fixed rate tax-exempt debt. Shattuck Hammond has served as auction manager for the following online competitive bid transactions:
- $60,825,000 Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, (Lehigh Valley Health Network), Series 2003A (A2 stand-alone rating);
- $150,800,000 Industrial Development Authority of Arlington County, Virginia, Hospital Revenue Bonds, (Arlington Hospital Center), Series 2001 (A2/A stand-alone ratings);
- $32,350,000 Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, (Lehigh Valley Health Network), Series 2001B (Aaa/AAA FSA insured);
- $20,640,000 Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, (Lehigh Valley Health Network), Series 2001A (Aaa/AAA FSA insured);
- $23,175,000 Mifflin County Hospital Authority, Pennsylvania, Revenue Bonds (Lewistown Hospital Center), Series 2000 (AA Asset Guaranty insured);
- $20,600,00 Maryland Health and Educational Facilities Authority, Revenue Bonds (The Bullis School), Series 2000 (Aaa/AAA FSA insured);
- $42,010,000 District of Columbia, Revenue Bonds (World Wildlife Fund), Series 2000 (Aaa/AAA Ambac insured); and
- $43,240,000 Connecticut Health and Educational Facilities Authority, Revenue Bonds, (Danbury Hospital), Series 1999 (Aaa/AAA MBIA insured).
Each sale produced lower interest rates and more competition among underwriters than comparable negotiated offerings sold during the same period. These results have reaffirmed our belief that the market dynamics of online competitive bond auctions produce substantial savings over traditional negotiated underwriting transactions.
Shattuck Hammond in conjunction with MuniAuction, a division of the Grant Street Group, hosts its own online bond auction site to facilitate electronic bond auctions by our clients. The site, www.ShattuckHammondAuction.com, is available today to all our clients, and we believe it represents the best possible platform for bringing fixed rate tax-exempt debt to the market on the most favorable terms. Shattuck Hammond, serving as financial advisor and auction manager to an issuer/borrower, will design and structure the most appropriate financing for a client, market it among potential auction participants and conduct the online bond auction to sell the issue. Our healthcare and not-for-profit investment banking expertise coupled with the state-of-the-art auction technology, creates a significant advantage for our clients in the capital markets.
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