Since 1977, Greenwich Adult Day Care, Inc. (“GADC”) has provided day care services to seniors living in the Greenwich, CT area. GADC provides health and personal care, socialization and therapeutic recreation services, counseling and advice on the range of care options and available financial aid. Furthermore, GADC has staff trained in the care of those with dementia and Alzheimer’s, administers physician-prescribed medications and provides nutritious meals and snacks to its clients.
Solution and Execution
GATES Capital structured and underwrote a $4 million, 30-year, tax exempt bond issue through the Connecticut Health and Educational Facilities Authority for the benefit of GADC. The bond proceeds were used to (i) construct and renovate an historic 1927 Railroad Pump House (ii) acquire furniture, fixtures, and equipment, and (iii) pay for certain costs of issuance.
GATES Capital’s financing strategy included the solicitation of commercial banks interested in the provision of a direct-pay letter of credit to additionally enhance the bonds. As such, GATES Capital implemented and managed the bank RFP process and worked with GADC in the selection of such, producing a financing vehicle with attractive terms, covenants, conditions and overall attractive all-in interest rate structure.