Wenatchee Bond Sale
The
The 5,000-capacity venue will put long-term bonds on sale Sept. 20, which should help to pay off the venue’s nearly $42 million in defaulted debt, according to the Wenatchee World. Underwriters, the mayor and others were expecting to watch “on a big screen” as investors – hopefully – make offers to buy the bonds.
The bonds would help pay off short-term debt that went into default when it was not repaid Dec. 1, the paper said. Moody’s and Standard & Poor’s declined to rate the bonds.
Officials were reportedly spooked by the arena’s financial history and had concerns the city’s future financial state could hinder repaying investors. However, a regional sales tax increase and a sales hike within the city, plus a state sales tax kickback, have been committed to paying off a new bond issue, according to the World.
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