Ziegler announced the closing of ACTS Retirement-Life Communities, Inc. Obligated Group’s $163.1 million Series 2025 tax-exempt bonds for the Senior Living Finance Practice. The $100.17 million of Series 2025A tax-exempt bonds were issued through the Montgomery County Industrial Development Authority (Pennsylvania) and the $62.93 million of Series 2025B tax-exempt bonds were issued through the Palm Beach County Health Facilities Authority (Florida).
ACTS is a Pennsylvania-based not-for-profit organization that was founded to own/operate CCRCs. It currently operates 28 communities in nine states with more than 10,000 units, including communities inside and outside of the ACTS Retirement-Life Communities Obligated Group.
The proceeds of the Series 2025 bonds will be used to fund a variety of projects throughout Pennsylvania and Florida, and to refinance lines of credit used to fund projects in these states. The Series 2025 bonds will also be used to refinance $31.6 million of outstanding bank debt and to refinance the $21 million of Series 2021 bonds issued by Mease Life, a community that became affiliated with ACTS in 2023. Mease Life will join the ACTS Obligated Group in connection with the issuance of the Series 2025 bonds. The Series 2025 bonds are rated “A-” by Fitch Ratings. Investor reception to the issue was strong.
