By Chris Wack
New Hope Cultural Education Facilities Finance Corp. in Texas is offering $248.1 million in senior living revenue bonds, with proceeds slated to be used for nursing and rehabilitation centers.
The Series 2025 A bonds will provide funds to finance the cost of the acquisition of 14 stand-alone skilled nursing facilities, including land, buildings and equipment, all in Texas, according to documents posted on MuniOS on Thursday.
The facilities are currently owned by affiliates of Caring Healthcare Group, and leased to other entities of the company.
The bonds will also be used to fund certain capital expenditures and start-up costs related to the project.
Interest on the Series 2025 A bonds will be payable on Jan. 1 and July 1 on each year, beginning July 1, 2025.
The bonds mature from 2027 through 2056, and interest rates and yields haven't been set.
The corporation was formed in 2017 to provide affordable in-patient and outpatient healthcare, and residential and housing services to vulnerable populations, from children to the elderly.
The bonds haven't received ratings from any agency yet.
Oppenheimer is the lead manager on the sale.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 31, 2025 13:32 ET (18:32 GMT)
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