United Methodist Village Retirement, Ill., extends tender offer

By Angela McDaniels

Tacoma, Wash., Sept. 24 - United Methodist Village Retirement Communities, Inc. extended the tender offer and consent solicitation for its $18.58 million of outstanding series 1999A revenue bonds issued through the Village of Godfrey, Ill., according to a news release.

The expiration time was extended to 5 p.m. ET on Oct. 5 from 5 p.m. ET on Sept. 21. The offer began Aug. 20. The new acceptance date will be Oct. 8, and the anticipated settlement date will be Oct. 15.

Tendered bonds may not be withdrawn.

The offer is subject to the receipt of tenders for at least $13 million principal amount of bonds. The institution said $13,893,000 principal amount, or 74.77%, of the bonds had been tendered as of 5 p.m. ET on Sept. 21, so this condition has been satisfied.

The institution is offering 70% of par plus accrued interest.

Holders are being asked to consent to revisions to the indenture and the loan agreement between the issuer and the institution. Holders who tender are deemed to have consented to the proposed amendments. Alternatively, holders may give consent without tendering their bonds.

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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