Stifel No Longer Part of Scuttled Alabama Prison Bond Deal

Stifel Financial Corp. said it is no longer involved with a bond sale that would have financed the construction of two privately owned prisons in Alabama.

The transaction was scuttled soon before it was set to price in April after lead underwriter Barclays Plc faced criticism for appearing to backtrack on a pledge to curtail work with for-profit prison companies. Another underwriter, KeyBanc Capital Markets, also withdrew from the transaction, as did the Wisconsin agency that was being used to issue the debt. But it had been unclear whether Stifel, another co-manager, was still involved and could potentially ...