Florida's Citizens Property Insurance Corp.'s Bonds Named 'Deal of the Year'

Florida's Citizens Property Insurance Corp.'s Bonds Named 'Deal of the Year'

Sale Helped Stabilize State's Market for Property and Casualty Insurance

NEW YORK, Dec. 15 /PRNewswire/ -- The editors of The Bond Buyer, Thomson Media's daily newspaper of municipal finance, today awarded their 2004 "Deal of the Year" award to the Citizens Property Insurance Corp. of Florida (CPIC) for its sale of $750 million in bonds for high-risk insurance accounts.

"In setting up the CPIC and accessing the capital markets, the state of Florida stepped in to provide a vital service, unavailable from the private sector -- selling bonds to raise money for an insurance program for people in hurricane-prone areas," said Amy B. Resnick, editor-in-chief of The Bond Buyer, who presented the award to CPIC CEO Robert Ricker and CFO Jessica Buss at a black-tie gala on Tuesday night.

All municipal bond transactions sold between October 1, 2003 and September 30, 2004 were eligible for this year's awards. The deals being honored were selected by the newspaper's editors and bureau chiefs from more than 60 nominees.

The "Deal of the Year" awards were launched in 2002 to honor the public- sector issuers of the most innovative deals in the market each year. Judging criteria include the potential for the transaction to be used as a model by other states and local governments around the nation, and the extent to which the issuer used new financing techniques or credit structures.

The other regional finalists for the award were:

The State of Wisconsin's sale of $1.794 billion of 2003 general fund annual appropriation bonds for pension obligations. The deal helped the state fund its unfunded obligation to the employees' retirement system, including the obligation for sick leave, which introduced a new municipal credit structure to the international market.

The Hugh L. Carey Battery Park City Authority for its $1.04 billion of Series 2003 A, B, and C bonds that helped the authority to finance its capital plan, while also providing cash flow savings to New York City.

The Arizona School Facilities Board state school trust revenue bonds, Series 2003A and 2004A, in which the state became the first in the nation to sell bonds backed by state-owned land and investment to help pay the costs of improving public school facilities.

The state of California for its $10.896 billion of economic recovery bonds, which refinanced short-term debt sold a year earlier to finance ongoing government operations and enabled the state to develop a long-term solution to a budgetary structural deficit.

The deals receiving honorable mention were:

The Maryland Health and Higher Education Facilities Authority's $253.86 million sale for the University of Maryland Medical Systems.

The New Mexico Finance Authority's $1.137 billion 2004 State Transportation Bond Issue.

The Chicago Public Schools' $133 million 2003 tender and remarketing of 1992 and 1993 bonds; $19.765 million refunding, Series 2004A; $153.53 million refunding, Series 2004B; and $21.62 million of general obligation limited tax school financing bonds, Series 2004C.

Memphis Light, Gas, and Water's $1.392 billion of Series 2003 A and B bonds.

The Alameda Corridor Transportation Authority's $475.292 million of tax- exempt subordinate-lien revenue refunding bonds, Series 2004A; and $210.731 million of taxable subordinate-lien revenue refunding bonds, Series 2004B.

About The Bond Buyer & Thomson Media

The Bond Buyer, http://www.bondbuyer.com/ , is the only daily newspaper committed to serving the municipal bond industry. With reporters based in seven regional offices throughout the country, no other publication can compete with its explanations and interpretations of the marketplace. Read by underwriters, issuers, institutional investors, bond counsel, credit enhancers, rating agencies and investors, The Bond Buyer provides complete market coverage, concise commentary, a new-issue calendar, in-depth statistical data and much more. The Bond Buyer is published by Thomson Media (http://www.thomsonmedia.com/ ), a leading provider of information, data, and software tools for professionals in the financial services and related technologies markets.


Source: The Bond Buyer

CONTACT: News Release Contact - Amy B. Resnick, The Bond Buyer,
+1-212-803-8432, Amy.Resnick@thomsonmedia.com; Corporate Contact -
Heather M. O'Leary, Thomson Media, +1-212-803-8527,
Heather.O'Leary@thomsonmedia.com

Web site: http://www.thomsonmedia.com/
http://www.bondbuyer.com/


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