Massachusetts Development Finance Agency D’Youville Senior Care Series 2022

Overview

Size $24,660,380
Massachusetts Development Finance Agency Series 2022
Client & Transactional Partners D’Youville Senior Care
The Carmelite System
Our Role Lead Arranger

Summary

On December 14, 2022, Cain Brothers successfully closed the Massachusetts Development Finance Agency Revenue Bond, D’Youville Senior Care Issue Series 2022 on behalf of D’Youville Senior Care and its sponsor, The Carmelite System.

Proceeds from the Series 2022 Bonds were used to refinance and streamline two existing bank loans, fund capital improvements on D’Youville’s campus and pay costs of issuance. The refinancing served to mitigate future interest rate risks in a rising interest rate environment, avoid future expensive call premiums on the prior loans and provide near-term cash flow relief to D’Youville. The variable rate Series 2022 Bonds are priced off of the index of 1-Month Term SOFR. In order to hedge against the interest rate risk of the variable rate Series 2022 Bonds, Cain Brothers served as Swap Advisor to D’Youville on a long-dated fixed-pay interest rate swap. The swap was structured with a 10-year cancellation option to mirror the put feature on the Series 2022 Bonds. Cain Brothers also assisted in the creation of a Master Trust Indenture to standardize the lender’s security package and streamline future debt obligations. 

Cain Brothers acted as Loan Arranger and Swap Structuring Agent.

D’Youville is a Massachusetts based not-for-profit corporation that operates multiple senior care facilities. D’Youville consists of a 208-bed nursing home, 33-bed short term rehab facility and a 60-unit assisted living facility. The sole corporate member of D’Youville is The Carmelite System. The Carmelite System is a New York not-for-profit corporation and the sole corporate member of several not-for-profit corporate affiliates 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. 

Cain Brothers

Massachusetts Development Finance

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