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HJ Sims Arranges $107.4M Bond Financing for Presbyterian Retirement Communities in Florida

ST. AUGUSTINE, Fla. — HJ Sims has arranged $107.4 million in bond financing for Presbyterian Retirement Communities (PRC) and its affiliates, a group of 10 continuing care retirement communities (CCRCs) located throughout Florida.

PRC acquired Westminster St. Augustine (then known as Glenmoor) out of bankruptcy in October 2017. The company instituted a turnaround program and was seeking a refinance of existing bonds to fund upcoming capital projects.

Sims structured long-term taxable and tax-exempt bonds around the existing debt service, achieving a blended true interest cost of 3.87 percent and successfully underwriting the bonds without a funded debt service reserve fund. Sims also helped to eliminate interest-rate risk and LIBOR exposure, streamline PRC’s debt and organizational structure, and maintain an A- rating from Fitch.

By borrowing $50 million for forthcoming expansion projects at near historically low fixed interest rates, PRC sought to position itself for continued growth among its existing campuses.

The post HJ Sims Arranges $107.4M Bond Financing for Presbyterian Retirement Communities in Florida appeared first on Seniors Housing Business.

Source: Senior Housing Business

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