Atlantic City’s revenue and finance director, Michael Stinson, said the city has completed a $40.56 million bond offering through a negotiated sale with six or seven investors, including some hedge funds that he declined to name. “I’m thankful that the deal went through,” Stinson said. “I’m obviously disappointed at the rate of interest that the city has to pay.”
Proceeds from the $40.56 million offering will be used to repay a $40 million bridge loan from New Jersey that comes due next month, while funds from the $12 million bond offering will go toward repaying $12 million in bond anticipation notes that mature in August.
Atlantic City’s emergency manager, Kevin Lavin, urged New Jersey to provide financial support to the gaming town in a March 23 preliminary report.