By Sheri Kasprzak
New York, July 20 - The Industrial Development Authority of Frederick County, Md., priced $82 million of series 2011 residential care facility revenue bonds on behalf of The Village at Orchard Ridge, according to an official statement.
The offering included $40 million of series 2011A fixed-rate bonds, $28.95 million of series 2011B adjustable-rate bonds and $13.05 million of series 2011C index floating-rate bonds.
The 2011A bonds are due July 1, 2046 and have a 7.8% coupon priced at par. The 2011B bonds are due July 1, 2041 and bear interest initially at 5.66% priced at par. The 2011C bonds are due July 1, 2018 and bear interest at 3.75% until Sept. 1, at which time the rate will reset at a rate equal to the sum of 70% of Libor and 245 basis points, provided that the rate is never lower than 3.45% or greater than 7.7% or the highest lawful rate.
Raymond James & Associates Inc. was the senior manager for the deal.
Proceeds will be used to construct 178 independent living residences and associated amenities in Frederick County.
| Issuer: | Industrial Development Authority of Frederick County, Md./The Village at Orchard Ridge
|
| Issue: | Series 2011 residential care facility revenue bonds
|
| Amount: | $82 million
|
| Type: | Negotiated
|
| Underwriter: | Raymond James & Associates Inc.
|
| Pricing date: | July 14
|
| Settlement date: | July 20
|
|
|
| $40 million series 2011A fixed-rate bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2046 | Term | 7.8% | 100
|
|
|
| $28.95 million series 2011B adjustable-rate bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2041 | Term | 5.66% | 100
|
|
|
| $13.05 million series 2011C index floating-rate bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2018 | Term | 3.75% | 100
|
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