Henderson, Nev., to settle bonds tendered under cash offer on Dec. 30

By Marisa Wong

Madison, Wis., Dec. 20 - City of Henderson, Nev., will purchase portions of its Local Improvement District No. T-18 (Inspirada) Ltd. obligation improvement bonds under a consent solicitation and cash offer that began on Oct. 14, according to a notice.

Settlement is slated for Dec. 30.

Holders were asked to consent to amendments to the indenture governing the bonds, as well as to a proposed ordinance and a supplement to an acquisition agreement between the city and Inspirada Builders, LLC, as successor-in-interest to South Edge, LLC.

As of Oct. 25, holders of a majority in principal amount of the bonds had consented to the supplemental indenture, enough to amend the bonds.

On Oct. 28, the city extended the time for consenting and tendering bonds until 5 p.m. ET on Nov. 11.

As of the Nov. 11 deadline, holders had tendered the following:

• All $2,315,000 of bonds due Sept. 1, 2014, $635,000 of which has been accepted for purchase;

• All $2.43 million of bonds due Sept. 1, 2015, $670,000 of which has been accepted for purchase;

• $2.5 million of the $2.55 million of bonds due Sept. 1, 2016, $700,000 of which has been accepted for purchase;

• $2.65 million of the $2,675,000 of bonds due Sept. 1, 2017, $735,000 of which has been accepted for purchase;

• $2,785,000 of the $2,815,000 of bonds due Sept. 1, 2018, $775,000 of which has been accepted for purchase;

• All $2,955,000 of bonds due Sept. 1, 2019, $810,000 of which has been accepted for purchase;

• $2.95 million of the $3.11 million of bonds due Sept. 1, 2020, $855,000 of which has been accepted for purchase;

• $2,845,000 of the $3.27 million of bonds due Sept. 1, 2021, $900,000 of which has been accepted for purchase;

• $19.03 million of the $19,075,000 of bonds due Sept. 1, 2026, $5,235,000 of which has been accepted for purchase; and

• $49.14 million of the $49,535,000 of bonds due Sept. 1, 2035, $13,595,000 of which has been accepted for purchase.

The issuer said it will also pay accrued interest to Dec. 29.

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