Glendale Municipal Property, Ariz., organizes $229.93 million of bonds

By Sheri Kasprzak

New York, Dec. 10 - The Glendale Municipal Property Corp. of Arizona is set to price $229.93 million of series 2012 excise tax revenue refunding bonds, according to a preliminary official statement.

Pricing is expected during the week of Dec. 10.

The offering includes $39,445,000 of series 2012B senior-lien bonds, $173,605,000 of series 2012C subordinate bonds and $16.88 million of series 2012D taxable subordinate bonds.

The bonds will be sold on a negotiated basis with Wells Fargo Securities and Robert W. Baird & Co. Inc. as the senior managers.

The 2012B bonds are due 2021 to 2033, the 2012C bonds are due 2021 to 2038 and the 2012D bonds are due 2014 to 2021.

Proceeds will be used to refund the corporation's series 2003A, 2004A and 2008A-C revenue bonds.

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