Cumberland County Municipal Authority
Refunding Revenue Bonds
Asbury Pennsylvania Obligated Group
Founded in 1926, Asbury Communities is a not-for-profit organization that manages seven communities offering a range of life-enhancing services for older adults, including home care services, and has grown into the nation’s 16th largest system of not-for-profit Continuing Care Retirement Communities. Asbury provides independent living, assisted living, skilled care and memory support to older adults in Maryland, Pennsylvania, Oklahoma and Tennessee.
Wye River Group served as the Swap Advisor for Asbury Atlantic, Inc. in connection with the execution of a forward-starting interest rate swap to hedge the Asbury Pennsylvania Obligated Group’s Series 2021B Bonds. The Series 2021B Bonds will be part of a “Cinderella” refinancing of the Obligated Group’s Series 2012 Bonds, in which a taxable term loan was used to defease a portion of the Series 2012 Bonds and that taxable loan will be refinanced with the Series 2021B Bonds.
As Swap Advisor, Wye River briefed Asbury on swap-related risks, insured that the structure and key terms of the swap aligned with those of the Series 2021B Bonds, reviewed all swap documents, coordinated the execution of the swap and verified that the pricing of the swap was “on-market”.