J.P. Morgan Picked to Head $1 Billion California Slot Machine Deal

Saskal, Rich
September 2004
Bond Buyer;9/10/2004, Vol. 349 Issue 31966, p36
Trade Publication
This article reports that J.P. Morgan Securities Inc. has been appointed lead manager of a $1 billion-plus bond issue planned by California to securitize payments several Indian tribes have agreed to make to the state in return for being allowed to expand their slot machine activities. Public Resources Advisory Group will serve as financial adviser to the treasurer, and Lamont Financial Services Corp. will be financial adviser to the California Infrastructure and Economic Development Bank. As California did in securitizing tobacco settlement revenue, it has created a specialpurpose trust, the Golden State Transportation Financing Corp., as a vehicle to convert the tribal revenue into bonds.


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