By Sheri Kasprzak
New York, Dec. 12 - The St. Louis Industrial Development Authority of Missouri sold $58 million of series 2013 senior living facilities revenue bonds for the Friendship Village Sunset Hills retirement community, according to an official statement.
The bonds (//A-) were sold through underwriter Cain Brothers Inc.
The deal included $41 million of series 2013A bonds and $17 million of series 2013B bonds.
The 2013A bonds are due in 2023, 2033 and 2043. The 2023 bonds have a 5% coupon priced at 103.490 and the 2033 bonds have a 5.5% coupon priced at 99.042. The 2043 bonds have a 5.875% coupon priced at 99.087.
The 2013B bonds are due in 2018 and have a 2.85% coupon priced at par.
Proceeds will be used to finance or reimburse the corporation for capital improvements to the Friendship Village Sunset Hills retirement community, including the demolition of 12 cottages.
| Issuer: | St. Louis Industrial Development Authority/Friendship Village Sunset Hills
|
| Issue: | Series 2013 senior living facilities revenue bonds
|
| Amount: | $58 million
|
| Type: | Negotiated
|
| Underwriter: | Cain Brothers Inc.
|
| Rating: | Fitch: A-
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 19
|
|
|
| $41 million series 2013A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4,145,000 | 2023 | Term | 5% | 103.490
|
| $12,585,000 | 2033 | Term | 5.5% | 99.042
|
| $24.27 million | 2043 | Term | 5.875% | 99.087
|
|
|
| $17 million series 2013B bonds
|
| Maturity | Type | Coupon | Price
|
| 2018 | Term | 2.85% | 100
|
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