Massachusetts Development's Linden Ponds bonds have mandatory tender

By Marisa Wong

Madison, Wis., June 17 - Massachusetts Development Finance Agency said its tax-exempt series 2007B and taxable series 2007C Linden Ponds Inc. Facility variable-rate revenue bonds, totaling $53.945 million, are subject to mandatory tender for purchase on June 20.

Affected are $43.945 million of 2007B bonds due Nov. 1, 2042 and $10 million of 2007C bonds due Nov. 1, 2042.

The bonds will be purchased at par plus accrued interest to the redemption date.

The mandatory tender was triggered by an event of default under the letter of credit securing the bonds.

Wells Fargo Bank, NA is the trustee.

The agency provides financial tools and real estate services in Massachusetts and is based in Boston. Linden Ponds is a senior living community in Hingham, Mass.

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