If participating in both the BGS-CIEP and BGS-RSCP Auctions, each Qualified Bidder, regardless of the creditworthiness evaluation of such Qualified Bidder, must provide separate pre-auction letters of credit with their Part 2 Application.

For the BGS-CIEP Auction, the pre-auction letter of credit must be in an amount of $375,000 per tranche of the Qualified Bidder’s indicative offer at the maximum starting price. 

For the BGS-RSCP Auction, the pre-auction letter of credit must be in an amount of $500,000 per tranche of the Qualified Bidder’s indicative offer at the maximum starting price.  For a Qualified Bidder to the BGS-RSCP Auction that is relying on the financial standing of a creditworthy guarantor, such Qualified Bidder is required to provide a Letter of Intent from the guarantor in an amount of $1.9M per tranche of the Qualified Bidder’s indicative offer at the maximum starting price.  (Alternatively, the Qualified Bidder can provide a pre-auction letter of credit for the full amount, namely $2.4M per tranche of the Qualified Bidder’s indicative offer at the maximum starting price.)  

Standard forms of the pre-auction letter of credit for BGS-RSCP Bidders, of the pre-auction letter of credit for BGS-CIEP Bidders, and sample letters of intent are available on the BGS Auction website at the link below. 

https://bgs-auction.com/bgs.bidinfo.cc.asp