By Sheri Kasprzak
New York, Aug. 21 – The City of Westminster, Md., sold $103,295,000 of series 2014 revenue bonds for the Lutheran Village at Miller’s Crossing, according to a pricing sheet.
The deal included $59,275,000 of series 2014A project revenue bonds, $20.02 million of series 2014B entrance fee principal redemption bonds, $13 million of series 2014C entrance fee principal redemption bonds and $11 million of series 2014D entrance fee principal redemption bonds.
The 2014A bonds are due 2024, 2034, 2039 and 2044. The 2024 bonds have a 5% coupon priced at 99.037, and the 2034 bonds have a 6% coupon priced at par. The 2039 bonds have a 6.125% coupon priced at 98.423, and the 2044 bonds have a 6.25% coupon priced at 99.32.
The 2014B bonds are due July 1, 2023 and have a 4.875% coupon priced at 99.109.
The 2014C bonds are due July 1, 2021 and have a 4.375% coupon priced at 99.266.
The 2014D bond are due July 1, 2019 and have a 3.875% coupon priced at 99.452.
H.J. Sims & Co. was the senior manager.
Proceeds will be used to finance capital projects for Lutheran Village at Miller’s Crossing, an assisted-living facility operated by Carroll Lutheran Village Inc., as well as to repay a pre-development loan.
| Issuer: | Westminster, Md./Lutheran Village at Miller’s Crossing
|
| Issue: | Series 2014 revenue bonds
|
| Amount: | $103,295,000
|
| Type: | Negotiated
|
| Underwriter: | H.J. Sims & Co. (lead)
|
| Pricing date: | Aug. 21
|
| Settlement date: | Sept. 4
|
|
|
| $59,275,000 series 2014A project revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6,605,000 | 2024 | Term | 5% | 99.037
|
| $17.14 million | 2034 | Term | 6% | 100
|
| $8 million | 2039 | Term | 6.125% | 98.423
|
| $27.53 million | 2044 | Term | 6.25% | 99.32
|
|
|
| $20.02 million series 2014B entrance fee principal redemption bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2023 | Term | 4.875% | 99.109
|
|
|
| $13 million series 2014C entrance fee principal redemption bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2021 | Term | 4.375% | 99.266
|
|
|
| $11 million series 2014D entrance fee principal redemption bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2019 | Term | 3.875% | 99.452
|
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