Correct: Fitch Rts $52MM Lancaster Cnty Pennsylvania Hosp Auth VRD Rev Bds Ser 2002 'AA/F1'.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 21, 2002 (This is an amended version of a press release dated October 18, 2002. The principal amount for Series A has been corrected.) The $52,000,000 Lancaster County Lancaster County is the name of four counties in the United States:
An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. . The long-term 'AA' rating on the bonds is based on the support of a municipal bond insurance Municipal bond insurance An insurance policy which guarantees payment on municipal bonds in the event of default . municipal bond insurance A guarantee from a third party that principal and interest will be paid to a bondholder. policy provided by Radian ra·di·an n. Abbr. rad A unit of angular measure equal to the angle subtended at the center of a circle by an arc equal in length to the radius of the circle. Asset Assurance, Inc., which insures scheduled payments of principal and interest on the bonds. The insurance policy will be in effect for the bonds until they mature on December 1, 2032, for the series A bonds and December 1, 2007, for the series B bonds. The short-term 'F1' rating on the bonds is based on liquidity support provided by Fleet National Bank, in the form of a standby bond purchase agreement (SBPA SBPA Simple Branch Prediction Analysis SBPA Scottish Beer and Pub Association (UK) SBPA School of Business and Public Administration SBPA School-Based Performance Award SBPA School-Based Performance Awards ). The SBPA initially provides for the payment of principal and an amount of interest on the bonds equal to 45 days at the maximum interest rate of 12%, and will expire on the earlier of October 16, 2007, or upon the occurrence of certain events of termination, all in accordance with its terms. The remarketing agent for the bonds is RBC RBC red blood cell. RBC or rbc abbr. red blood cell RBC, n See red blood cell count. RBC red blood cells; red blood (cell) count (see blood count). Dain Rauscher, Inc. The expected sale date is October 17, 2002. The bonds will be issued in the weekly rate mode, but may also be converted to a term rate mode. While bonds bear interest in the weekly mode, interest will be payable on the first business day of each month, commencing on November 1, 2002. While in the weekly rate mode, bond owners will have the option to demand purchase of their bonds on any business day, provided the remarketing agent is given seven days prior notice. The bonds are also subject to mandatory tender upon the conversion of the bonds to the term rate mode, upon interest rate reset dates, and upon the expiration, termination or substitution of the SBPA. Optional and mandatory redemption provisions also apply to the bonds as specified in the Indenture. The borrower, Willow Valley Retirement Management, Inc. (the Corporation), will use the bond proceeds to: finance the acquisition, construction, furnishing and equipping of improvements to the Corporation's facilities in Lancaster County, including a 210-unit retirement community; finance capitalized interest Capitalized interest Interest that is not immediately expensed, but rather is considered as an asset and is then amortized through the income statement over time. In the context of project financing, interest that is paid by additional borrowing. ; fund a debt service reserve; and pay the cost of issuance. |
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