American Baptist Homes considering new bond issue to refund 1997 debt

By Marisa Wong

Milwaukee, Nov. 25 - American Baptist Homes of the West said it is planning a possible new bond issue.

Proceeds of the bond issue would be used to refund all outstanding maturities of previously issued series 1997 bonds and to provide $35 million of additional proceeds for ongoing redevelopment projects.

If the issuer goes ahead, it would sell the bonds as a negotiated offering, with closing expected in February or March.

It noted that the economics depend on market conditions.

The following 1997 bonds totaling over $82 million and all issued by ABAG Finance Authority for Nonprofit Corporations, are being considered for refunding:

• $11.31 million of 6.1% bonds due 2017,

• $24.39 million of 6.2% bonds due 2027,

• $8.82 million o 5.75% bonds due 2017,

• $18.43 million of 5.85% bonds due 2027,

• $10.43 million of bonds due 2027 and

• $8.63 million of bonds due 2027.

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