J.P. Turner’s public finance professionals underwrite municipal bond offerings for projects with credit ratings ranging from non-rated to AAA. The team has over 50 years of combined experience in municipal underwriting and has completed approximately 70 municipal financing projects. They specialize in senior living facilities, including nursing, assisted living and independent living facilities. J.P. Turner’s public finance professionals have underwritten numerous industrial development bonds as well. Team members also have expertise in restructuring defaulted municipal bonds and participating in Chapter 11 reorganizations where the principal debts are secured municipal paper.
Details of the JP Turner’s latest offering is below:
During the week of August 14, 2009, we expect to own and offer:
THE MEDICAL CLINIC BOARD
OF THE CITY OF HOOVER (ALABAMA)
First Mortgage Healthcare Facility Revenue Bonds
(Ridgeview Assisted Living, LLC Project)
Series 2009A (Federally Tax Free)
$4,910,000 9.0% Due August 1, 2039, @100% (current yield/yield to maturity 9.0%)
Series 2009B (Taxable)
$590,000 (Coupons & Maturities stated below)
$55,000 6.5% Due August 1, 2011, @100% (current yield/yield to maturity 6.5%)
$60,000 7.0% Due August 1, 2012, @100% (current yield/yield to maturity 7.0%)
$65,000 7.5% Due August 1, 2013, @100% (current yield/yield to maturity 7.5%)
$65,000 8.0% Due August 1, 2014, @100% (current yield/yield to maturity 8.0%)
$70,000 8.5% Due August 1, 2015, @100% (current yield/yield to maturity 8.5%)
$80,000 9.0% Due August 1, 2016, @100% (current yield/yield to maturity 9.0%)
$90,000 9.5% Due August 1, 2017, @100% (current yield/yield to maturity 9.5%)
$105,000 10.0% Due August 1, 2018, @100% (current yield/yield to maturity 10.0%)
Non-AMT Unrated
New Issue – Book Entry Dated:
Interest on the Series 2009A Bonds is excluded from gross income for federal income tax purposes and is excluded from income for State of Alabama income tax purposes. All other state and local income taxation applies to interest on the Series 2009A Bonds. Interest on the 2009B (Taxable)
The Series 2009 Bonds will be priced at Par ($100.00) and callable in whole or in part at any time from 8/1/12 through 7/31/13 @103, from 8/1/13 through 7/31/14 @102, from 8/1/14 through 7/31/15 @101, from 8/1/15 and thereafter @100 (Par). Interest will be payable every 6 months, beginning February 1, 2010. The Series 2009 Bonds are issuable as Book Entry Bonds in denominations of $5,000 or any integral multiple thereof.
Subject to Change, Prior Sale and Availability – Under no circumstances shall this document constitute an offer to sell or the solicitation of an offer to buy, or any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Offering by final Official Statement only.
These Bonds involve certain risks including market, interest rate and credit risk. High-yield fixed-rate instruments can generally involve greater risk of default on interest payments and repayment of principal than investment grade instruments. The Bonds are subject to market fluctuation and may be worth more or less than their original cost if sold prior to maturity. Bond values will decline as interest rates rise.
To receive a Preliminary Official Statement, please call our Red Bank, N.J. office to speak to Ray DeRobbio at our toll free number 888-994-2799.
Securities offered through J.P. Turner & Company, LLC
(Member FINRA/SIPC)
JPT070709-504
