It's Official: FLA. Citizens To Issue $3B

Sigo, Shelly
May 2006
Bond Buyer;5/26/2006, Vol. 356 Issue 32390, p1
Trade Publication
The article reports that Florida's Citizens Property Insurance Corp.'s Board of Governors recently gave final approval to the sale of $3.05 billion of taxable auction-rate bonds which is supposed to be the largest single new-money municipal bond deal ever from the Sunshine State. Due of its size, the transaction will have four co-senior managers, 10 co-managers, and four insurers. The deal will provide $2.82 billion of financing for Citizens' high-risk account, which consists of windstorm and property insurance policies in hurricane-vulnerable counties. Citizens plans to invest the proceeds of the Series 2006A bonds to pay back the debt. If required, Citizens will use bond proceeds to pay claims associated with future hurricanes.


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