Firm Served as Manager of $123 Million Rhode Island General Obligation Bond Issue
PHILADELPHIA – Janney Montgomery Scott LLC (Janney), a full-service wealth management, financial services and investment banking firm headquartered in Philadelphia, Pa., today announced the successful closing of the State of Rhode Island’s $122,950,000 General Obligation Bond issue, which sold on April 24th, 2012. Janney served as book-running senior manager on the transaction. An improving outlook for the State and concrete accomplishments such as recent pension reform legislation, enacted with strong bi-partisan support, helped Rhode Island realize more than $7 million in net present value savings. Additionally, with this bond issue, the State achieved lower interest rates, relative to market benchmarks, than recent issues, reflecting improved marketability for the State's bonds.
“This particular bond issue reaffirmed investor confidence in the State’s credit, and the issue was in strong
demand by both retail and institutional investors”
“Over the past several years, our team of bankers and underwriters has worked with the government of Rhode Island and we are proud of the successful track record we’ve established in the State,” said Tom Henson, Head of Public Finance at Janney. “This particular bond issue reaffirmed investor confidence in the State’s credit, and the issue was in strong demand by both retail and institutional investors.”
Janney has served as the leading underwriter of bonds and notes in Rhode Island throughout the past three years. With this bond sale, the State’s first of 2012, Janney helped Rhode Island replace debt with interest rates of four to five percent with new debt whose interest rates average two and a half percent.About Janney Montgomery Scott LLC
Established in 1832, Janney Montgomery Scott LLC provides comprehensive financial advice and superior service to individual, corporate and institutional investors. A full-service, financial services firm, Janney is committed to providing our clients advice through a wealth management approach by focusing on the delivery of strategic financial plans that utilize a variety of financial products and services best suited to help meet their financial goals. Janney is equally committed to providing our corporate and institutional clients objective advice for the successful execution of their unique business plans. Janney provides advice and service to clients through a network of professionals in branch offices located along the entire east coast. Janney is an independently operated subsidiary of The Penn Mutual Life Insurance Company, one of the largest mutual insurance companies in the nation, and is a member of the New York Stock Exchange, Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.