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Third investment bank backs out of underwriting financing for new Alabama prisons


Third investment bank backs out of underwriting financing for new Alabama prisons
AL.com
1 day ago
Howard Koplowitz, al.com
A third investment bank has pulled out of a deal to underwrite the financing of two privately owned prisons that Alabama would lease and operate.
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St. Louis-based Stifel Financial Corp. has withdrawn its involvement in the bond sale on behalf of CoreCivic, a private prison company set to build two of Alabama’s three new prisons, Bloomberg reported.
“Stifel is no longer engaged with CoreCivic, any conduit or the State of Alabama regarding the financing of this project,” Joel Jeffrey, senior vice president for investor relations, said in an email to activists that called on the investment bank to back away from the deal, Bloomberg reported. ....

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