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Tribal casinos sell bonds

25 October 2006

CALIFORNIA – As reported by the California Press Enterprise: "The tribal owner of two Coachella Valley casinos will sell $230 million in bonds on Tuesday to help finance construction of a hotel in Rancho Mirage.

"The Agua Caliente Band of Cahuilla Indians will also use the money to pay off $48 million remaining on an existing bank loan for an older project in Palm Springs, according to Fitch Ratings, a New York financial-analysis company.

"Several Southern California gaming tribes, including the Morongo, Cabazon and San Manuel bands, have tapped the bond market in recent years to pay for major projects, because interest rates and fees can be lower than traditional bank loans.

"…Last week, Fitch gave the Agua Caliente issue an A-, reflecting stability in the tribe's management, 'sound financial margins' and ability to cover its debt…"

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