Guam to sell $235 million of business privilege tax bonds

By Sheri Kasprzak

New York, Nov. 7 - The Government of Guam is prepared to sell $235 million of series 2011A business privilege tax bonds, according to a preliminary official statement.

The bonds (/A/A-) will be sold on a negotiated basis with Barclays Capital Inc. as the senior manager and Citigroup Global Markets Inc. and Piper Jaffray & Co. as the co-managers.

The bonds are due 2012 to 2042.

Proceeds will be used to pay unpaid income tax refunds plus interest for 2010, to pay for cost of living allowances for government employees for 2010 and to pay amounts owed to the Government Retirement Fund for the Guam Department of Education and the Guam Memorial Hospital.

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