Published on 7/5/2016 in the Prospect News Municipals Daily.
New Issue: ACTS Retirement – Life Communities prices $211.07 million revenue bonds
By Sheri Kasprzak
New York, July 5 – The ACTS Retirement – Life Communities Inc. sold $211,065,000 of series 2016 revenue and refunding bonds in three tranches, according to a pricing sheet.
The deal included $105.85 million of series 2016 revenue bonds through the Palm Beach County Health Facilities Authority of Florida, $98,025,000 of series 2016 revenue bonds through the Montgomery County Industrial Development Authority of Pennsylvania and $7.19 million of series 2016 refunding bonds through the Gainesville and Hall County Development Authority of Georgia.
The Palm Beach bonds are due 2019 to 2022 and 2025 to 2028 with a term bond due in 2032. The serial coupons range from 3% to 5% and yields range from 1.14% to 2.61%. The 2032 bonds have a 5% coupon priced at 121.464 to yield 2.6%.
The Montgomery County bonds are due 2033 and 2036. The 2033 bonds have a 5% coupon priced at 121.464 to yield 2.6%, and the 2036 bonds have a 5% coupon priced at 120.167 to yield 2.73%.
The Gainesville bonds are due 2032 to 2033 with 4% to 5% coupons and yields from 2.55% to 2.85%.
The bonds (//A-) were sold through Ziegler Inc.
Proceeds will be used to pay for or reimburse ACTS for capital projects and to refund the series 2006 and 2009A-1 Pennsylvania bonds, series 2006 and 2010 Florida bonds and the series 2009 Georgia bonds.
| Issuer: | ACTS Retirement – Life Communities
|
| Issue: | Series 2016 retirement communities revenue and refunding bonds
|
| Amount: | $211,065,000
|
| Type: | Negotiated
|
| Underwriter: | Ziegler Inc.
|
| Rating: | Fitch: A-
|
| Pricing date: | June 30
|
| Settlement date: | Aug. 16
|
|
|
| $105.85 million Palm Beach County Health Facilities Authority, Fla., 2016 retirement communities bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7,275,000 | 2019 | Serial | 4% | 109.09 | 1.14%
|
| $9,395,000 | 2020 | Serial | 4% | 111.163 | 1.29%
|
| $9.79 million | 2021 | Serial | 5% | 117.816 | 1.46%
|
| $1,125,000 | 2022 | Serial | 5% | 119.805 | 1.65%
|
| $80,000 | 2025 | Serial | 3% | 106.486 | 2.22%
|
| $125,000 | 2026 | Serial | 3% | 105.699 | 2.37%
|
| $170,000 | 2027 | Serial | 3% | 104.308 | 2.52%
|
| $220,000 | 2028 | Serial | 3% | 103.484 | 2.61%
|
| $77.67 million | 2032 | Term | 5% | 121.464 | 2.60%
|
|
|
| $98,025,000 Montgomery County Industrial Development Authority, Pa., 2016 retirement communities bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $14.92 million | 2033 | Term | 5% | 121.464 | 2.60%
|
| $83,105,000 | 2036 | Term | 5% | 120.167 | 2.73%
|
|
|
| $7.19 million Gainesville and Hall County Development Authority, Ga., 2016 retirement communities bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $325,000 | 2032 | Serial | 4% | 110.153 | 2.85%
|
| $6,865,000 | 2033 | Seral | 5% | 121.967 | 2.55%
|
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