By Sheri Kasprzak
New York, Aug. 3 – The Tarrant County Cultural Education Facilities Finance Corp. of Texas sold $109.38 million of series 2015 retirement facility revenue bonds for Buckingham Retirement Community Inc., according to an official statement.
The deal included $50.88 million of series 2015A fixed-rate bonds, $24.75 million of series 2015B-1 tax-exempt mandatory paydown securities and $33.75 million of series 2015B-2 tax-exempt mandatory paydown securities.
The 2015A bonds are due 2025, 2035 and 2045. The 2025 bonds have a 5% coupon priced at 104.071 to yield 4.5%, and the 2035 bonds have a 5.25% coupon priced at par. The 2045 bonds have a 5.5% coupon priced at par.
The 2015B-1 bonds are due Nov. 15, 2021 and have a 4.5% coupon priced at par.
The 2015B-2 bonds are due Nov. 15, 2020 and have a 3.875% coupon priced at par.
Proceeds will be used to finance the construction, equipment and improvement of facilities at Buckingham, a senior living community in Houston.
| Issuer: | Tarrant County Cultural Education Facilities Finance Corp./Buckingham Senior Living Community Inc.
|
| Issue: | Series 2015 retirement facility revenue bonds
|
| Amount: | $109.38 million
|
| Type: | Negotiated
|
| Underwriter: | Ziegler Inc.
|
| Rating: | Fitch: BB
|
| Pricing date: | July 24
|
| Settlement date: | Aug. 5
|
|
|
| $50.88 million series 2015A fixed-rate bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.07 million | 2025 | Term | 5% | 104.071 | 4.50%
|
| $6,705,000 | 2035 | Term | 5.25% | 100 | 5.25%
|
| $42,105,000 | 2045 | Term | 5.5% | 100 | 5.50%
|
|
|
| $24.75 million series 2015B-1 tax-exempt mandatory paydown securities
|
| Maturity | Type | Coupon | Price
|
| Nov. 15, 2021 | Term | 4.5% | 100
|
|
|
| $33.75 million series 2015B-2 tax-exempt mandatory paydown securities
|
| Maturity | Type | Coupon | Price
|
| Nov. 15, 2020 | Term | 3.875% | 100
|
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