The North Carolina Local Government Commission approved $936 million of bonds for three issuers.
The North Carolina Medical Care Commission will sell three series of bonds totaling $395 million for the Deerfield Episcopal Retirement Community. Ziegler is the underwriter on the deal, which is scheduled for pricing Dec. 17.
Final maturities will be 2056 for series A, 2032 for series B and 2056 for series C. Series A and B will be fixed-rate while series C will be variable rate.
Proceeds will be used to make improvements to an Asheville continuing care retirement community, including adding 12 skilled nursing units and 12 memory care units, expansion of Haden Hall, addition of 10 assisted living units, construction of a 69-unit independent living apartment and an independent living hybrid building with 89 units and construction of an outdoor activity center.
Fitch Ratings rates the bonds A-minus.
The LGC also approved
The bonds are to be offered through the NCMCC. Duke Health System will use the proceeds to refund interim financing and lines of credit used to purchase the assets and businesses of the center, located in Mooresville.
The bonds are expected to be variable rate demand bonds, according to information from the LGC.
The bonds are rated Aa3 by Moody's Ratings and AA-minus by S&P Global Ratings and Fitch.
Finally, the LGC approved $265 million revenue bonds for Raleigh. Proceeds will be used to refund bond anticipation notes and outstanding series 2015A revenue bonds.
BofA Securities is the lead underwriter on the deal and Wells Fargo Bank and Ramirez & Co. are the co-managers. The deal is scheduled to price on Jan. 14.
The bonds are rated Aa1 by Moody's and AAA by S&P.
