Published on 12/13/2012 in the Prospect News Municipals Daily.
New Issue: ABAG Finance, Calif., sells $127.48 million of Episcopal Senior Communities bonds
By Sheri Kasprzak
New York, Dec. 13 - The ABAG Finance Authority for Nonprofit Corporations of California sold $127.48 million of series 2012 revenue bonds for the Episcopal Senior Communities, according to an official statement.
The deal included $68,835,000 of series 2012A revenue bonds, $19.87 million of series 2012B refunding bonds, $6.5 million of series 2012C-1 tax-exempt mandatory paydown securities-90, $10,775,000 of series 2012C-2 TEMPs-75 and $21.5 million of series 2012C-3 TEMPs-50.
The bonds (/BBB/BBB+) were sold through Ziegler Capital Inc.
The 2012A bonds are due 2032, 2042 and 2047. The bonds all have 5% coupons with yields from 3.43% to 3.75%.
The 2012B bonds are due 2013 to 2025 with 2% to 5% coupons with 1% to 3.23% yields.
The 2012C-1 bonds are due in 2019 with a 3% coupon priced at par.
The 2012C-2 bonds are due in 2019 with a 2.5% coupon priced at par.
The 2012C-3 bonds are due in 2019 with a 2.15% coupon priced at par.
Proceeds will be used to construct, acquire, equip and furnish 62 new assisted living villas and condos at Episcopal's Spring Lake Village facility, as well as to refinance the authority's series 2000 certificates.
| Issuer: | ABAG Finance Authority for Nonprofit Corporations/Episcopal Senior Communities
|
| Issue: | Series 2012 revenue bonds
|
| Amount: | $127.48 million
|
| Type: | Negotiated
|
| Underwriters: | Ziegler Capital Inc.
|
| Ratings: | Standard & Poor's: BBB
|
| Fitch: BBB+
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 20
|
|
|
| $68,835,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8,035,000 | 2032 | Term | 5% | 112.67 | 3.43%
|
| $22,015,000 | 2042 | Term | 5% | 110.359 | 3.7%
|
| $38,785,000 | 2047 | Term | 5% | 109.938 | 3.75%
|
|
|
| $19.87 million series 2012B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.38 million | 2013 | Serial | 2% | 100.527 | 1%
|
| $1.68 million | 2014 | Serial | 2% | 101.285 | 1.15%
|
| $1.64 million | 2015 | Serial | 3% | 104.167 | 1.32%
|
| $1,615,000 | 2016 | Serial | 3% | 104.366 | 1.72%
|
| $1.58 million | 2017 | Serial | 4% | 108.621 | 2%
|
| $1,565,000 | 2018 | Serial | 4% | 109.488 | 2.17%
|
| $1,545,000 | 2019 | Serial | 5% | 116.153 | 2.32%
|
| $1.53 million | 2020 | Serial | 5% | 117.062 | 2.50%
|
| $1,515,000 | 2021 | Serial | 5% | 117.253 | 2.72%
|
| $1,495,000 | 2022 | Serial | 5% | 116.922 | 2.95%
|
| $1.47 million | 2023 | Serial | 5% | 116.021 | 3.05%
|
| $1,445,000 | 2024 | Serial | 5% | 114.861 | 3.18%
|
| $1.41 million | 2025 | Serial | 5% | 114.419 | 3.23%
|
|
|
| $6.5 million series 2012C-1 TEMPs-90
|
| Maturity | Type | Coupon | Price
|
| 2019 | Term | 3% | 100
|
|
|
| $10,775,000 series 2012C-2 TEMPs-75
|
| Maturity | Type | Coupon | Price
|
| 2019 | Term | 2.5% | 100
|
|
|
| $21.5 million series 2012C-3 TEMPs-50
|
| Maturity | Type | Coupon | Price
|
| 2019 | Term | 2.15% | 100
|
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