Ziegler closed a bond financing on behalf of Presbyterian Retirement Communities, Inc., (PRC) whose obligated group is the largest group of not-for-profit CCRCs in Florida, and the 11th largest in the nation with a total of 3,863 units. (PRC) $82,270,000 Series 2024 Bonds. PRC affiliated with Florida Presbyterian Homes (FPH) in Lakeland, Florida, and the Series 2024 bonds provided for the admission of FPH in the obligated group with the refunding of its outstanding debt.
Proceeds of the $82.27 million of bonds will be used to refinance the outstanding PRC Series 2014 bonds and FPH Series 2010A bonds and FPH Series 2015 bonds. In addition, the bonds will help reimburse for $50 million of infrastructure and capital improvement projects at the each of the communities within the obligated group, as well as paying the costs of issuance of the bonds.
The bond issue also allowed for the release of the existing debt service reserve funds of the refunded bonds and provided for debt service savings of approximately $9.7 million over the remaining term of the refunded bonds. The pricing executed an arbitrage yield of 4.01% over 30 years.
