Carmel Manor

Overview

Size $17,140,000
Kentucky Economic Development Finance Authority Healthcare Facilities Revenue Refunding Bonds Series 2022
Client & Transactional Partners Carmel Manor
The Carmelite System
Our Role Sole Manager

Summary

Matt Goldreich | James Conahan

On September 29, 2022, Cain Brothers successfully closed the Kentucky Economic Development Finance Authority Healthcare Facilities Revenue Refunding Bonds, Series 2022 Carmel Manor, Inc. Project on behalf of Carmel Manor, Inc. and its sponsor, The Carmelite System, Inc.

The proceeds from the Series 2022 tax-exempt public fixed-rate bonds were used to refinance an existing bank loan and pay certain costs of issuance. As part of the refinancing, an outstanding fixed-pay interest rate swap that hedged the refunded bank loan was terminated and resulted in a $1.4 million positive termination payment to Carmel Manor. The Series 2022 financing was structured as interest-only bonds with a single bullet principal payment due at maturity. The Carmelite System Obligated Group (“BBB+” by Fitch) provided a Guaranty of the principal payment. All interest through final maturity was prefunded by The Carmelite System, Inc. and its sponsor, The Carmelite Sisters for the Aged and Infirm, and will be held in a trustee account. The prefunded, interest-only structure serves to eliminate the requirement for Carmel Manor to make debt service payments during the next 5 years and improve cash flow while management implements various improvement plans to better position Carmel Manor for a debt restructuring at the end of, or prior to, the 5-year bond maturity

Cain Brothers acted as Sole Manager.

Carmel Manor is a Kentucky based not-for-profit corporation that operates a senior care facility, the sole corporate member of which is The Carmelite System, Inc. Carmel Manor is licensed to operate 95 skilled nursing beds, 80 personal care beds and provides short-term rehab services. The Carmelite System is a New York not-for-profit corporation, and the sole corporate member of several not-for-profit corporate affiliates, including Carmel Manor, that operate skilled nursing, assisted living and independent living facilities that serve communities in Florida, Illinois, Iowa, Kentucky, Massachusetts, New York, Ohio and Ireland. The Carmelite System was formed in 1999 as a Catholic not-for-profit health system sponsored by the Carmelite Sisters for the Aged and Infirm and has been a long-standing client of Cain Brothers.

Recent Deals

January 2023

a portfolio company of

has been acquired by

Exclusive Sell-Side Advisor

hasa-inc
December 2022

has sold a 143 MW portfolio of distributed C&I solar assets to

 

Exclusive Sell-Side Advisor

longroad-energy-edp
December 2022

Poseidon

$600 Million

Senior Secured Credit Facilities

Coordinating Lead Arranger
Administrative Agent

sunrun-poseidon
December 2022

a portfolio company of

has been acquired by

 

$1 Billion

Sell-Side Advisor

scout-clean-energy
December 2022

amplify energy 

$1 Billion

Senior Secured Credit Facility

Administrative Agent

amplify-energy-corp
December 2022

Woodcreek

$32.16 Million

Acquisition

woodcreek
December 2022

 

Casa Del Mar

$53.24 Million

Refinance

casa-del-mar
November 2022

 

$700 Million

Senior Secured Credit Facilities

Left Lead Arranger
Joint Bookrunner
Administrative Agent

sterling-infosystems-inc
November 2022

Terra 

$1 Billion

Senior Secured Credit Facility

Joint Lead Arranger
Co-Syndication Agent

terra-energy-partners-llc
November 2022

 

$43.3MM

CDLI Loan and LIHTC

river-oaks
November 2022

 

$100 million

Senior Secured Credit Facility

Lead Arranger
Bookrunner
Administrative Agent

seneca-gaming-corporation
November 2022

has divested of a 14.2 MW community solar portfolio in Illinois to

Sell-Side Advisor

cenergy-power

Connect With Us

  • Social Share Icon
  • Social Share Icon
  • Social Share Icon

Find an Expert