Navajo Nation set to issue bonds on world market, refinance $60 mil loan

NEW YORK - The Navajo Nation struck an agreement, which took decades to develop, with KeyBanc Capital Markets marking the first time in history that the Nation has authorized the issuance of bonds on the world market.

The deal will give the Nation increased financial leverage by allowing the Navajo Nation to refinance a $60 million loan, which was used along with stimulus funds from the American Recovery and Reinvestment Act in 2010 for the construction of public safety and judicial complex facilities across the Nation, including the communities of Kayenta, Tuba City, Crownpoint, Ramah, and others.

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