OPRS Communities updates consent solicitation for 2010, 2013 bonds

By Marisa Wong

Morgantown, W.Va., May 26 – Ohio Presbyterian Retirement Services (OPRS Communities) posted a revised consent solicitation on May 20 and has extended the consent solicitation deadline to June 17, according to a company presentation.

OPRS previously announced consent solicitations for its 2010A health care facilities improvement revenue bonds and series 2013A health care facilities improvement revenue bonds issued through Franklin County, Ohio. The solicitations had been set to expire on May 20.

OPRS amended the consent solicitation after obtaining investor feedback from a webinar hosted on May 5.

The company said it is now requesting bondholder consent to return to one MTI-based debt service coverage calculation to simplify and streamline the capital management and administration process for the company.

The company stressed that it is not requesting a change to its liquidity covenant nor is it requesting any other calculation or covenant changes.

Under the updated consent solicitation, the company is asking bondholders to amend (and not delete, as previously requested) a section of the 2010 and 2013 lease agreements between Franklin County and OPRS Communities.

OPRS also agreed within the revised consent solicitation to provide semiannual creditor review calls and establish a debt service reserve fund for the publicly offered fixed-rate bond issuance that is refunding prior 2002A, 2002B and 2005A bond issues.

In order to proceed with amendments to the 2010 and 2013 leases, the bond trustee will need to receive consents by June 17. OPRS is asking holders to deliver their consents to the company by June 10.

The continuing care retirement communities provider is based in Columbus, Ohio.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.