By Zaeem Shoaib
The Colorado Educational and Cultural Facilities Authority plans to issue $291.7 million of unrated municipal bonds to finance the costs of acquiring a full-service hotel complex.
The offering includes $210.2 million of Cultural Facilities Revenue Bonds, Senior Lien Series 2025 A-1; $31.3 million of Cultural Facilities Revenue Bonds, Federally Taxable Senior Lien Series 2025A-2; and $50.2 million of Cultural Facilities Revenue Bonds, Subordinate Lien Series 2025 B.
The Series A-1 and Series B securities reach final maturity in 2059. The Series A-2 debt comes due in 2045.
Proceeds from the issuance will be used to finance the costs of acquiring an existing full-service hotel complex known as "The Stanley," according to documents posted Wednesday on MuniOS. The bonds will also finance the costs of constructing and equipping a renovation for a restaurant space, the addition of about 65 guestrooms, and construction of the Stanley Event Center.
The bonds are special limited revenue obligations of the authority payable solely from a trust estate, including gross revenue generated from the facilities.
The authority was formed to promote the welfare of the people of the state by providing financing for educational institutions cultural institutions.
RBC Capital Markets is lead manager for the issuance.
Write to Zaeem Shoaib at zaeem.shoaib@wsj.com
(END) Dow Jones Newswires
April 16, 2025 18:57 ET (22:57 GMT)
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