The Saint Raphael Obligated Group has defaulted on certain covenants attached to $59.9 million of tax-exempt bonds issued in 2004 on its behalf by the Connecticut Health and Educational Facilities Authority, according to a material event notice.

"They are currently working with both their bond insurer on one of their bond issues and also with a letter of credit bank on another bond issue to get their consent to waive those covenant requirements," said CHEFA executive director Jeffrey Asher. "Eventually they'll come to us to get our consent once they've gotten it from them."

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