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Covenant Retirement Communities organizes $62.79 million debt offering
By Sheri Kasprzak
New York, July 2 - The Covenant Retirement Communities Inc. is expected to price $62.79 million of series 2013 revenue bonds, according to a preliminary official statement.
The offering includes $24,505,000 of series 2013A revenue bonds through the Colorado Health Facilities Authority, $17.55 million of series 2013B tax-exempt mandatory paydown securities through the Colorado Health Facilities Authority and $20,735,000 of series 2013C revenue bonds through the California Statewide Communities Development Authority.
The bonds (/BBB-/BBB+) will be sold on a negotiated basis with Ziegler Capital Inc. as the underwriter.
The maturities have not been set.
Proceeds will be used to fund the construction of a three-story retirement community in Northbrook, Ill., and the construction of a one-story town center building in San Diego.
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