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Citizens, the state-created insurer of last resortin Florida, will price fixed-rate, tax-exempt revenue bonds and notees this week, according to a reportt in the trade journal The Bond Proceeds from the sale will provide liquidityh for Citizens’ high-risk account, the report said. The accoungt provides wind-only residential insurance coverage for damagew causedby hurricanes, tornadoes, windstorms and hail in part or all 29 of Florida’x 35 coastal counties as well as all of the Florida Keys and Port The proceeds from the sale of the bonds and notesw will be invested in tax-exempt securities pending the need to pay any claims, the report Citizens is in good financial shape because the state has not experiencedf a major hurricane for several years, Sharon Binnun, chief financial officert for the insurance firm, was quotexd as saying in the report.
Goldman Sachxs & Co. is the bookrunner and is joinedby , LLC, Merrill Lynch & Co., and as underwriters on the of St. Petersburg is financial LLP is underwriters’ and LLP is bond counsel.
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