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Home >
News > Press Archive > 10-19-06 Carolina Financing
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Financing Consolidates Debt, Funds Assisted Living Modernization
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COLUMBUS, Ohio (Oct. 19, 2006) – A senior services provider in North Carolina will renovate its 116 assisted living units with $1.87 million in new money, part of an $8.3 million bond issuance underwritten today by Lancaster Pollard.
Cross Road Retirement Community in Asheboro embraces the Eden Concept, providing a vibrant community for seniors that offers interaction with children and nature to promote each resident’s physical and spiritual well-being. Over the years, the community has made continual renovations and developed additional units. This latest financing provides for private bathrooms in each assisted living apartment, among other improvements.
In addition to funding renovations, the financing consolidates several bank loans and refunds $4.2 million in unrated bonds. The new tax-exempt debt structure is enhanced by a letter of credit and carries an S&P investment-grade rating.
“Consolidating debt can improve administrative efficiencies and avoid certain redundant periodic fees,” Lancaster Pollard Senior Managing Director Brian Pollard said. “This new structure reduces long-term borrowing costs, and Cross Road was able to improve its financial standing by working with its local bank.”
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