Case Study:Asbury Communities

5285 Westview Drive Suite 200 Frederick, MD 21703

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.

Project Overview

Wye River Group was engaged by Asbury Communities, a BBB-rated credit, to provide advisory services in connection with certain outstanding debt and derivative obligations.

Financing Overview

As part of our engagement in September 2018, we advised Asbury on the pricing of a negotiated sale of $96.12 million of Economic Development Project and Revenue Refunding Bonds. As a result of the transaction, Asbury secured net present value debt service savings of approximately $8.3 million.

Wye River Group’s Role

Wye River had the privilege to provide strategic planning and advisory services to Asbury Communities. More specifically, our services included:

  • Providing comments and recommendations regarding the Plan of Finance for the bonds
  • Advising on the selection of underwriter for the issue and creation of a selling group to augment the marketing and distribution of the bonds by the underwriter in order to assure optimal market exposure and pricing
  • Conducting market research of recently completed comparable transactions and relevant indices and prepared a preliminary pricing presentation to Asbury leadership with analysis and comments regarding indicative pricing
  • Providing market condition updates to Asbury leadership and participated in conference calls with the underwriter to advise on proposed pricing structure and logistics
  • Conducting analysis of market conditions indicated that the indicative pricing provided by the lead underwriter could be improved by approximately 5 basis points
  • Negotiating with the underwriter to adjust bond pricing

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