In proper operatic fashion, the two-year negotiations for the redevelopment of the historic Kiel Opera House in downtown St. Louis ended with high drama.
The underwriter for a huge chunk of the $78.7 million deal secured the sale of $32.6 million in municipal bonds with just 14 minutes to spare.
What’s more, all negotiations had to be wrapped up before a rock-solid June 30 deadline, or else the parties would have lost $22 million in bonds from the Missouri Department of Economic Development.
“With $22 million of the $78 million deal gone, it would have collapsed,” said Mark Boatman, a St. Louis attorney with Armstrong Teasdale. Boatman represented Stifel, Nicolaus & Co., which underwrote the financing for the redevelopment deal.
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Published: July 1, 2010