Sims Transforms Bonds from Financial Recovery to Investment Grade


DECEMBER 19, 2016

CONTACT: Tara Perkins, PR & Marketing Specialist | 203-418-9049 |


ATLANTA, GA— HJ Sims, a privately held investment bank and wealth management firm, founded in 1935 on Wall Street during the Great Depression, is pleased to announce the refunding of $86,275,000 of Series 2006 bonds on behalf of Lenbrook Square (Lenbrook). Lenbrook is a nationally accredited continuing care retirement community located in the affluent Buckhead neighborhood of Atlanta, GA. The refunding produced significant debt service savings, and resulted in the assignment of a BBB Fitch rating with a stable outlook.

Lenbrook’s strategic financing objectives included securing an investment-grade rating from Fitch, identifying optimal redemption strategy for Series 2006B Bonds and providing financial flexibility to support the acquisition of additional property to support Lenbrook’s long-term strategic expansion efforts. To meet these objectives, HJ Sims coordinated a Fitch Verbal Feedback Review of Lenbrook that provided valuable insight about the borrower’s credit profile, including an indication that an investment grade rating might be attainable and recommended that Lenbrook publish a Fitch underlying rating in connection with its issuance of Series 2016 Bonds.

Sims assisted Lenbrook as sole underwriter for the refunding of $85.8 million of outstanding Series 2006A Bonds and advance refunding of $7.9 million of outstanding Series 2006B to generate debt service savings. The week of the pricing was characterized by deteriorating bond market conditions, driven by a significant increase in new issuance volume. Sims and Lenbrook prepared to price the Series 2016 Bonds despite highly challenging market conditions. The effectiveness of Sims’ comprehensive marketing and distribution strategy resulted in a successful sale of the Series 2016 Bonds, with $6.3 million of debt placed with retail investors and $80 million placed with institutional investors. The refinancing generated savings of approximately $14 million, or nearly 15% of bonds refunded.

“Sims worked closely with Lenbrook management to develop a comprehensive presentation that communicated the organization’s financial stability and benefits associated with the anticipated refinancing and helped to obtain a BBB Fitch rating with a stable outlook. Sims underwrote the Series 2016 Bonds, which were sold through Sims’ powerful distribution network. Sims maximized Lenbrook’s future refinancing flexibility by structuring the bonds with a first call date in seven years (2023) compared to the industry standard period of 10 years. We were pleased to structure and execute a Financed Right® solution for our client,” explains Aaron Rulnick, Managing Principal, HJ Sims.

“HJ Sims was a valuable asset to Lenbrook. They provided timely market knowledge and adhered to a tight time schedule allowing Lenbrook to structure, price and close the Series 2016 Bonds at a significant debt service savings to the organization,” said Dan Dornblaser, V.P. of Finance and Chief Financial Officer, Lenbrook.

For more information about HJ Sims, investment banking capabilities and its Financed Right® solutions, please contact Aaron Rulnick at or 301-424-9135 or Kyrle Turton at or 301-461-7893.

ABOUT HJ SIMS: Founded in 1935 on Wall Street, HJ Sims is celebrating more than 80 years of service as a privately held investment bank and broker-dealer with approximately $2 billion of assets under management. HJ Sims is known as one of the country’s oldest underwriters of tax-exempt and taxable bonds, having raised approximately $22 billion for projects throughout the US. The firm is headquartered in Fairfield, Connecticut, with investment banking, private client wealth management and trading offices in Maryland, Massachusetts, Florida, Minnesota, New Jersey, Pennsylvania, Texas and Puerto Rico. Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, is custodian of all client assets. For more information, please visit: Investments involve risk, including the possible fluctuation of principal. Member FINRA, SIPC. Follow HJ Sims on Facebook, Twitter and LinkedIn. HJ Sims is not affiliated with Lenbrook.

# # #

Do you receive our

Private Client Newsletter?

HJ Sims Video Series

HJ Sims Culture