Investors are getting their first look this week at a $42 million dollar bond issue, a refinancing package for the Town Toyota Center. Whether anyone will take the bait on it is another question; so far, neither of the big rating agencies, Moody's or Standard & Poor's, have given the package a rating. They're concerned Wenatchee's and the arena's financial difficulties could divert tax monies elsewhere. Pete Fraley, attorney for the Greater Wenatchee Regional Events Center Public Facilities District, which owns the arena says it's unknown how the unrated issuance will affect the sale-ability of the bonds. He says it may impact the interest rates the bonds are issued at.
Fraley says the preliminary official statement, which describes the issuance to all potential investors, is nearly done. He says there may be an investor call by the end of next week and pricing of the bonds about a week after that.
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