Build America Mutual Licensed to Operate in State of California
NEW YORK, January 30, 2013
Build America Mutual Assurance Company (BAM) today announced its first insured transaction in the State of California -- $11,965,000 of General Obligation Bonds, Election of 2012, Series A, for the Washington Unified School District in Fresno, California. BAM announced last week that it was licensed to operate in California.
“We are pleased to have done this transaction so quickly after being licensed in California and look forward to providing insurance for many California bond issues in the months and years ahead,” said Sheelagh Flanagan, BAM’s Head of Public Finance, West. BAM serves California issuers out of its Western Regional Office in San Francisco.
Proceeds of the transaction will be used to finance the construction, renovation modernization and equipping of school facilities. The underwriter on the transaction is PiperJaffray and the financial advisor is Fieldman, Rolapp & Associates.
Domiciled in New York, BAM is a mutual monoline insurer of municipal bonds, exclusively. As a mutual bond insurance company, BAM is operated for the benefit of its members -- the cities, states and other municipal entities -- that use BAM’s financial guaranty to lower their cost of borrowing. BAM is rated AA/Stable by Standard & Poor’s Ratings Services and is sponsored by the National League of Cities.
For further information, please contact:
Betsy Castenir, Head of Corporate Communications 212-257-6148 or 917-940-2462