Broker Check

CITY OF MONTEBELLO (CA) BOND ISSUANCE $27.9 MILLION SALES TAX REVENUE BONDS $10.2 MILLION LEASE REVENUE BONDS (REFINANCING)

CHICAGO, IL. (December 13, 2019) The City of Montebello has completed a $27,900,000 Sales Tax Revenue Bond offering with an all-in true interest cost of 2.745% and a $10,200,000 Lease Revenue Bond offering with an all-in true interest cost of 2.414%. Cabrera Capital Markets LLC served as the sole underwriter on both offerings.

The City of Montebello will use the proceeds of the Sales Tax Revenue Bonds to assist in the funding of its “Paving the Way” Street Rehabilitations Projects. Sales tax revenue that the City of Montebello receives from the Los Angeles County Metropolitan Transportation Authority will solely secure the Sales Tax Revenue Bonds. The Lease Revenue Bond offering refinanced a bond issuance from 2004, which assisted in the funding of the Hilton Garden Hotel. The refinancing of the 2004 bond issuance will result in $1,463,000 million of savings for the City.


“We appreciate the opportunity to work with the leadership of the City of Montebello on two successful bond offerings. The city’s leadership acted swiftly and was able to take advantage of a historically low interest rate environment” noted Martin Cabrera, CEO of Cabrera Capital Markets LLC.


Cabrera Capital Markets LLC - founded in 2001 - provides investment banking and full-service institutional brokerage services worldwide to a substantial and diversified client base that includes financial institutions, government entities, corporations, hedge funds, and foundations. Cabrera’s public finance clients are able to benefit from an experienced team of bankers as well as a robust underwriting and sales team, providing for efficiently conducted and distributed municipal offerings.