Los Angeles Jewish Home for the Aging $49,730,000 Financing (Series 2019B)
October 3, 2019
|Cain Brothers served as the Sole Manager in the public issuance of $49,730,000 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 not-for-profit 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, CCRC housing, and long-term care facilities.
The Series 2019B was the second of two refunding financings for LA Jewish Home. Proceeds of the Series 2019B Bonds (the “Bonds”) were used to refinance LA Jewish Home’s outstanding Series 2013 bonds, while the Series 2019A Bonds refinanced the outstanding Series 2008 bonds. The Bonds have been assigned a rating of “AA-” by S&P and are insured by Cal-Mortgage. Between the two financings, LA Jewish Home took advantage of the favorable market environment to lock in net present value savings of $4.6 million or 6.08% savings of refunded bonds, the equivalent of debt service savings of $563,000 per year.