New Issue: Blaine, Minn., prices $55.65 million of senior housing revenue bonds

By Sheri Kasprzak

New York, June 29 – The City of Blaine, Minn., sold $55.65 million of series 2015 senior housing revenue bonds for Crest View Senior Communities, according to an official statement.

The bonds were sold through BB&T Capital Markets Inc.

The deal included $54,225,000 of series 2015A bonds and $1,425,000 of series 2015B taxable bonds.

The 2015A bonds are due 2025, 2035, 2045 and 2050. The 2025 bonds have a 5.125% coupon priced at 99.42 to yield 5.2%, and the 2035 bonds have a 5.75% coupon priced at 96.884 to yield 6.02%. The 2045 bonds have a 6.125% coupon priced at 98.049 to yield 6.27%. The 2050 bonds have a 6.125% coupon priced at 96.176 to yield 6.4%.

The 2015B bonds are due July 1, 2020 with a 7% coupon priced at par.

Proceeds will be used to reimburse Crest View for the costs of constructing a senior housing facility in Columbia Heights.

Issuer:	Blaine, Minn./Crest View Senior Communities
Issue:	Series 2015 senior housing revenue bonds
Amount:	$55.65 million
Type:	Negotiated
Underwriter:	BB&T Capital Markets Inc.
Pricing date:	June 18
Settlement date:	June 30
$54,225,000 series 2015A bonds
Amount	Maturity	Type	Coupon	Price	Yield
$4,445,000	2025	Term	5.125%	99.42	5.20%
$11,985,000	2035	Term	5.75%	96.884	6.02%
$21,325,000	2045	Term	6.125%	98.049	6.27%
$16.47 million	2050	Term	6.125%	96.176	6.40%
$1,425,000 series 2015B taxable bonds
Maturity	Type	Coupon	Price	Yield
July 1, 2020	Term	7%	100	7.00%

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