The Arizona Health Facilities Authority has approved an application from American Baptist Estates, Inc. d/b/a The Terraces for the proposed issuance of the Authority’s Revenue Refunding Bonds in the amount of $41M. American Baptist Estates, a not for profit corporation, owns and operates the continuing care retirement community know as “The Terraces” located in north central Phoenix. The Authority financed the redevelopment of The Terraces in 2004 through the issuance of revenue bonds. The applicant plans to refinance the fixed rate series of those bonds through the issuance of the Authority’s refunding bonds.

Proceeds of the Bonds will be used to (1) refinance the fixed rate series of the Authority’s Series 2003 Bonds; (2) establish debt service reserve funds; and (3) pay certain expenses incurred in connection with the issuance of the Bonds. The Bonds are anticipated to consist of a $10 million letter of credit enhanced variable rate portion and the balance to be fixed rate unrated bonds.

Institution Type:
Assisted Living Facility

Bond Issue Date:
9/1/2007

Amount Financed:
25 Million - 50 Million

Interest Rate:
Variable

Bond Denomination:
5,000

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