Philadelphia authority cancels redemption of New Courtland bonds

By Marisa Wong

Madison, Wis., June 22 - Philadelphia Authority for Industrial Development has rescinded the planned redemption of $52,669,881 of its series 2003 New Courtland Elder Care revenue bonds due March 1, 2027, according to a notice.

The bonds were originally to be redeemed on July 1 at par, as announced on June 17 and June 21.

The authority issues tax-exempt bonds to finance the capital needs of nonprofit organizations and certain industrial businesses in Philadelphia. New Courtland is a network of nursing homes located throughout Philadelphia.

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