Los Angeles Jewish Home for the Aging $13,785,000 Financing (Series 2019A)
August 15, 2019
Cain Brothers served as the Sole Manager in the public issuance of $13,785,000 of tax-exempt fixed rate revenue bonds on behalf of Los Angeles Jewish Home for the Aging (“LA Jewish Home”). LA Jewish Home is a nonprofit public benefit corporation that provides a wide array of programs and services for seniors in the Greater Los Angeles area. For over 100 years, LA Jewish Home has provided excellence in senior care, expanding to encompass community-based services, short term rehabilitative programs, residential housing, and long-term care facilities.
Proceeds of the Series 2019A Bonds (the “Bonds”) were used to refinance LA Jewish Home’s outstanding Series 2008 bonds. The Bonds have been assigned a rating of “AA-” by S&P and are insured by Cal-Mortgage. LA Jewish Home took advantage of the favorable market environment to secure an all-in cost of capital of 3.09%. The Net Present Value savings of this financing was approximately $3.2 million or 18.71% savings of refunded bonds.