CUSIP 240463JW0


  • ISIN: US240463JW05
  • Entity Name: Development Authority of Dekalb County
  • Sector: Municipal Agency
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Principal Deferral
  • News: Reference is made to (i) that certain Trust Indenture dated as of September 1, 2014 (the "Indenture"), by and between Development Authority of DeKalb County (the "Issuer") and Wilmington Trust, National Association, as trustee (the "Trustee") and (ii) that certain Loan Agreement dated as of September 1, 2014 (the "Loan Agreement"), by and between the Issuer and Ivy Preparatory Academy, Incorporated (the "Borrower"), which Loan Agreement was assigned to the Trustee. The Indenture and the Loan Agreement each relate to the Issuer`s $12,910,000 Charter School Revenue Bonds (Ivy Preparatory Academy, Incorporated Project), Series 2014A (the "Series 2014A Bonds") and $875,000 Charter School Taxable Revenue Bonds (Ivy Preparatory Academy, Incorporated Project), Series 2014B (the "Series 2014B Bonds" and together with the Series 2014A Bonds, the "Bonds"). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement or the Indenture, as applicable. By letter dated May 6, 2016, Hamlin Capital Management, LLC, as the Bondholder Representative of at least 66 2/3% of the Beneficial Owners of the Bonds ("Hamlin") previously directed the Trustee to defer the $120,000 mandatory sinking fund installment payment due on the Series 2014B Bonds on July 1, 2016 (the "Deferred 2016 Principal Amount") to July 1, 2021 so that the principal payment due on the Series 2014B Bonds on July 1, 2021 shall be equal to $280,000. By letter dated November 10, 2016, Hamlin, as the Bondholder Representative of at least 66 2/3% of the Beneficial Owners of the Bonds previously directed the Trustee to (i) defer the $130,000 mandatory sinking fund installment payment due on the Series 2014B Bonds on July 1, 2017 (the "Deferred 2017 Principal Amount" and together with the Deferred 2016 Principal Amount, the "Deferred Principal Amount") to July 1, 2021 so that the principal payment due on the Series 2014B Bonds on July 1, 2021 shall be equal to $410,000, (ii) pay interest on the Bonds on July 1, 2017 and January 1, 2018 at 4.00% rather than the interest rates set forth in the Indenture and (iii) pay interest on the Bonds on July 1, 2018 and January 1, 2019 at 5.00% rather than the interest rates set forth in the Indenture. Hamlin, as the Bondholder Representative of at least 66 2/3% of the Beneficial Owners of the Bonds has now directed the Trustee to defer the $145,000 mandatory sinking fund installment payment due on the Series 2014B Bonds on July 1, 2018 (the Deferred 2018 Principal Amount) and together with the Deferred 2016 Principal Amount and the Deferred 2017 Principal Amount, the Deferred Principal Amount) to July 1, 2021 so that the principal payment due on the Series 2014B Bonds on July 1, 2021 shall be equal to $555,000. The direction to proceed with the Deferred 2018 Principal Amount is conditional upon the execution of the deferment agreement by the Borrower. Resolution on the matter of the Deferred 2018 Principal Amount is expected on June 8, 2018. For Bond Document please visit www.BondPDF.com
  • Description: *****
  • Bond Document: https://www.bondpdf.com/
  • Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US240463JW05

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