» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 114 | NO. 203 | Tuesday, October 17, 2000

Print | Front Page | Email this story | Comments ()
Fitch rates West Memphis Fitch rates West Memphis revenue bonds AA/F1+ Fitch has given City of West Memphis, Ark., taxable industrial development revenue bonds series 2000A, a rating of AA/F1+. The rating is based on the support provided by an irrevocable, direct-pay letter of credit issued by The Chase Manhattan Bank securing the $17 million in bonds. The bank is obligated to make payments of principal of and interest on the bonds upon maturity, acceleration and redemption and purchase price for tendered bonds. The rating will expire upon the earliest of Oct. 11, 2001, the stated expiration of the LOC; any prior termination of the LOC; or defeasance of the bonds. The LOC provides full coverage of principal plus an amount equal to 45 days' interest at a maximum rate of 11 percent based on a 365-day year and purchase price for tendered bonds. The bonds mature on Oct. 1, 2021. The sale date is in October. The bonds initially bear interest at weekly interest rate, but may be converted to a fixed interest rate. While bonds bear interest in the weekly mode, interest is payable on the first day of each month, beginning Nov. 1. Holders may tender their bonds on any business day with seven days' prior notice during the weekly rate mode. The bonds are subject to mandatory tender upon conversion to a fixed interest rate. Bonds are also subject to optional and mandatory redemption. Bond proceeds will be used to finance the cost of acquiring, building and equipping an industrial project for S-B Power Tools. HUPO LLC financed $1.8 million through BancorpSouth Bank, securing the loan with three parcels at 1210 N. Germantown Parkway in Cordova, according to a trust deed filed in the Shelby County Registers Office Friday. Lightman Sixty-Four Development Co., a Tennessee general partnership, financed $1.4 million through National Bank of Commerce, securing the loan with 20.3 acres at Davies Plantation Road and State Road 15, according to a trust deed filed Wednesday in the Shelby County Registers Office. Performa Entertainment LLC, a Tennessee limited liability company, financed $1.4 million through SouthTrust Bank, securing the loan with one acre of land, known as Handy Park, bounded by Third Street, Peabody Place, Rufus Thomas Boulevard and Beale Street, according to a trust deed filed Oct. 6 in the Shelby County Registers Office.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 77 77 11,602
MORTGAGES 79 79 13,506
FORECLOSURE NOTICES 0 0 1,858
BUILDING PERMITS 96 96 24,260
BANKRUPTCIES 53 53 7,526
BUSINESS LICENSES 31 31 3,943
UTILITY CONNECTIONS 49 49 4,730
MARRIAGE LICENSES 20 20 2,564

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.