Coverage For St. Louis Hotel Bonds

Shields, Yvette
May 2006
Bond Buyer;5/19/2006, Vol. 356 Issue 32385, p1
Trade Publication
The article reports that according to a bondholder notice released earlier, the group obligated to repay $98 million of senior-lien Saint Louis Convention Center hotel bonds will cover any shortfall in hotel revenues and reserve funds to make a $3.5 million June 2006 debt service payment. According to the notice, Housing Horizons LLC, a majority member of the obligated group, anticipates that it will make a loan to the obligated group to cover the June 15, 2006 shortfall, unless significant unforeseen circumstances occur. Bondholders received additional positive news in the notice that reported hotel operators believe that strong bookings for the second half of the year, if they hold, may provide sufficient funds to cover the next payment due on December 15 2006.


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