The Rio Nuevo Multipurpose Facilities District will sell $11.8 million of certificates of participation in a negotiated sale this week to finance site work and design and development efforts for a downtown hotel as part of the Tucson Convention Center expansion project.

The COPs are rated A-plus by Fitch Ratings and Standard & Poor’s, and A1 by Moody’s Investors Service. Piper Jaffray & Co. will be the lead underwriter on the deal, with RBC Capital Markets serving as financial adviser to the facilities district.

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