Westminster St. Augustine: Exclusive Investment Opportunity

Aerial View of the Westminster St. Augustine Community

$44,010,000*
St. Johns County Industrial Development Authority
Retirement Facility Revenue Bonds (Westminster St. Augustine Project)
Series 2017

HJ Sims is pleased to serve as underwriter for the upcoming issue of retirement facility revenue bonds for St. Johns County Industrial Development Authority (Westminster St. Augustine Project Series 2017).

About the Bonds

  • Non-rated
  • Use of proceeds: repay a loan made by the PRC to the Borrower, the proceeds of which were used to acquire the Community; finance certain capital improvements at the Community; fund the Debt Service Reserve Fund and other reserves; and pay the costs of issuance of the Series 2017 Bonds
  • Denominations: $5,000 and any integral multiples of $5,000 in excess thereof, no investor restrictions
  • Initial Coupon: February 1, 2018 with semi-annual payments thereafter
  • Expected Structure: Series 2017A (Tax-Exempt) – August 1, 2047, subject to Mandatory Tender on August 1, 2024* and Series 2017B (Taxable) – August 1, 2044, subject to Mandatory Tender on August 1, 2024*
  • Security: First mortgage on the Community, Debt Service Reserve Fund, $3.5 million Liquidity Support from Presbyterian Retirement Communities, Inc. (“PRC”) ($2 million as a pledge), $1.2 million Working Capital Fund

About Westchester Pines, Inc.:

  • Westminster Pines, Inc. d/b/a Westminster St. Augustine (the “Borrower”) is a not-for-profit corporation, and an affiliate of (“PRC”). The PRC Obligated Group owns the largest group of continuing care retirement communities (“CCRCs”) in the State of Florida, and is the 14th largest nonprofit operator of senior living units in the United States. PRC is not an obligor on the bonds (www.westminsteraugustinefl.org)
  • The Borrower has acquired an existing CCRC known as “Glenmoor” and now known as “Westminster St. Augustine” (the “Community”) from Life Care St. Johns, Inc., a Florida not-for-profit corporation.
  • The Community, located in St. Augustine, has a 40-acre landscaped campus that consists of 159 residential units, the Health Center containing 30 Assisted Living Units, 30 Skilled Nursing Beds, and a 329,000 square foot Community Center.
  • As of September 2017, the Community maintained occupancy of 82% in independent living, 54% in assisted living, and 82% in skilled nursing beds.
  • Westminster St. Augustine will be operated by Westminster Services, Inc. an affiliate of PRC.
  • Westminster Foundation III is providing $10 million in the form of a subordinate loan. Westminster Foundation III is not a member of the PRC Obligated Group.

We are currently accepting indications of interest for these non-rated, taxable and tax-exempt bonds with an expected pricing date during the week of November 6 and anticipated settlement date of November 20. For more information including risks, please read the Preliminary Official Statement in its entirety.  If you have interest in purchasing Bonds in the new issue, please contact your HJ Sims financial advisor as soon as possible or call 877-577-3354. 

*Subject to change

No dealer, broker, salesperson, or other person has been authorized to give any information or to make any representation other than those contained in the Preliminary Official Statement, and, if given or made, such other information or representation should not be relied upon as having been authorized by the Issuer, the Borrower, or the Underwriters. The information set forth herein has been obtained from the Issuer, Borrower, and other sources that are believed to be reliable, but is not guaranteed as to accuracy or completeness by, and is not construed as a representation of, the Underwriters. The information contained herein is subject to change without notice. Under no circumstances shall this constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering or solicitation will be made only to investors pursuant to the Preliminary Official Statement, which should be read in its entirety. Investments involve risk including the possible loss of principal. HJ Sims is a member of FINRA and SIPC and is not affiliated with Westminster St. Augustine.
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