OPRS Communities extends consent solicitation for 2013A bonds

By Tali Rackner

Norfolk, Va., June 17 – Ohio Presbyterian Retirement Services (OPRS Communities) posted a revised consent solicitation on May 20 and extended the consent solicitation deadline to June 24 from June 17, according to a notice.

As previously reported, OPRS announced consent solicitations for its series 2010A and series 2013A health-care facilities improvement revenue bonds issued through Franklin County, Ohio. The solicitations had been set to expire on May 20. The expiration date for the 2010A bonds was extended to June 17.

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 2013 lease, the bond trustee will need to receive consents by June 24.

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

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