Ashfield seeks waiver, consents for Kirkwood, Mo., retirement community revenue bonds

By Jennifer Chiou

New York, Feb. 27 – Ashfield Active Living and Wellness Communities, Inc. gave notice that it is looking for waivers and consents from holders of the Industrial Development Authority of the City of Kirkwood’s series 2010A Missouri retirement community revenue bonds issued for the Aberdeen Heights project.

According to the nonprofit corporation’s notice, Ashfield is asking certain institutional holders to provide waivers and consents in order to waive any requirement that it obtain a consultant’s report as a result of any failure to meet the cumulative cash operating loss covenant for the quarters ended Sept. 30 and Dec. 31, 2014 and March 31, 2015.

The consents will also include a waiver of any event of default that might arise from the failure of the corporation to obtain a consultant’s report under Section 418 of the master indenture, which currently requires Ashfield to have a cumulative cash operating loss of no more than $9.75 million.

The corporation said it had in excess of that figure for the last three quarters of 2014.

Ashfield is seeking waivers and consents from holders of a majority of the bonds.

Questions may be directed to chief financial officer Beverly Woodsmall (316 685-1100 or bwoodsmall@pmma.org).

Ashfield provides senior citizens’ housing and retirement communities.

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