Lehman Bros. to oversee School for Deaf bond issue

PROVIDENCE – Financing for the new R.I. School for the Deaf will be managed by Lehman Brothers Inc., which will serve as lead manager for the issuance of $31.3 million in Certificates of Participation, state and company officials announced.
“Lehman Brothers is very pleased to have been selected by Rhode Island to lead this important transaction,” Ronald A. Stack, head of public finance at the global financial services firm, said in a statement yesterday. “We look forward to working with the treasurer [R.I. General Treasurer Frank T. Caprio]and his team on future transactions.”
Last summer, when the state’s pool of bond underwriters was expanded for the first time since 2000, Lehman was named one of six senior managers, Caprio noted. (READ MORE)
The School for the Deaf project represents the first negotiated issue for which the state has selected Lehman as lead manager. In that role, the firm will be responsible for coordinating the entire bond process, from developing a plan for going to market to leading the sales effort.
“Rhode Island is fortunate to have a strong group of senior managing underwriters who are helping us deliver strong value to our taxpayers while putting their considerable expertise to work for the state,” Caprio said. “Lehman Brothers will be leading a team of financial professionals who will help us move this important project forward at the best possible price.”
The school, to be constructed on a site off Branch Avenue, was approved by the R.I. General Assembly in 2006. It “will incorporate the latest advances in special-needs design,” Caprio’s office said.
Additional information is available from the R.I. Office of the General Treasurer at www.treasury.ri.gov. For information about Lehman Brothers Inc., a New York-based financial services firm with offices in London and Tokyo, visit www.lehman.com.