Grant Street Group Hosts the First Ever Electronic Auction of Convertible CABs

May 10, 2007

Pittsburgh, PA (May 10, 2007) — Grant Street Group hosted the first ever electronic auction of Convertible CABs on its MuniAuction platform for the City of Perth Amboy, NJ. The $41.7 million of Bonds will initially be issued as Capital Appreciation Bonds, but will convert to Current Interest Bonds in 2012. The TIC calculation factored not only the purchase price and coupons, but also the accreted value at conversion for each maturity. Citigroup was the winning bidder with a TIC of 4.7683%. McManimon & Scotland, LLC served as Bond Counsel and NW Financial Group, LLC served as Financial Advisor.

Categories: Auctions | Innovation