Las Vegas Monorail Pays Off Bonds, Plans Market Return
- Rail line wiped out 98% of its bonded debt in 2010 bankruptcy
- $20M deal that matures in 2049 is listed as day-to-day pricing
The Las Vegas Monorail
Photographer: George Rose/Getty ImagesThis article is for subscribers only.
Seven years after emerging from a Chapter 11 bankruptcy that wiped out 98% of bondholders’ money, the Las Vegas Monorail is planning a return to the municipal-bond market.
The Las Vegas Monorail Co. has listed $19.75 million in unrated federally tax-exempt revenue bonds maturing in 2049 on the Bloomberg sale calendar. AnnMarie McDonald, a spokeswoman for Wells Fargo & Co., underwriter for the sale, confirmed the listing. The deal is listed as a day-to-day pricing, indicating it could come as early as next week, data compiled by Bloomberg show.