United Methodist Village Retirement, Ill., accepts $13.6 million bonds

By Toni Weeks

San Diego, Oct. 22 - United Methodist Village Retirement Communities, Inc. said it accepted for purchase $13,599,000 in the institution's tender offer for its $18.58 million of outstanding series 1999A revenue bonds issued through the Village of Godfrey, Ill., according to a news release.

The offer expired at 5 p.m. ET on Oct. 19. Settlement is expected on Oct. 30.

When the offer began on Aug. 20, the expiration time had been given as 5 p.m. ET on Sept. 21. That date was extended to 5 p.m. ET on Oct. 5 and then to 5 p.m. ET on Oct. 8.

The company also solicited consents to revise the indenture and the loan agreement between the issuer and the institution. Holders who tendered their notes were deemed to have consented to the proposed amendments. Alternatively, holders were able to give consent without tendering their bonds.

The offer was subject to the receipt of tenders for at least $13 million principal amount of bonds. The institution previously said $13,933,000 principal amount, or 74.99%, of the bonds had been tendered as of 5 p.m. ET on Oct. 8, so this condition was satisfied.

As noted before, the institution offered 70% of par plus accrued interest.

The dealer manager is B.C. Ziegler & Co. (312 263-0110 or 800 366-8899). The information agent and tender agent is D.F. King & Co., Inc. (attn.: Elton Bagley at 212 269-5550 for banks and brokers, 800 431-9643 for others or Godfrey@dfking.com or visit www.dfking.com/godfrey).

The institution is a nonprofit corporation that owns and operates a retirement community in Godfrey, Ill.

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