CUSIP 520138NF1

  • ISIN: US520138NF18
  • Entity Name: City of Lawrence
  • Sector: Municipal
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Covenant Breach
  • News: The Company is voluntarily providing this notice for general information purposes only with respect to the above-referenced bonds (the Bonds). The Company has guaranteed the payment of principal of and interest on the Bonds pursuant to an Amended and Restated Bond Guaranty Agreement dated as of March 1, 2011 (the Guaranty Agreement) between the Company and UMB Bank, N.A. as bond trustee (the Trustee). Under the Guaranty Agreement, the Company has agreed to maintain a Modified Debt Service Coverage Ratio (as defined therein) of not less than 1.35 for each calendar quarter. This financial covenant may be amended with the consent of the owners of not less than 51% of the outstanding Bonds. All series of Bonds count as a single class for purposes of consents to amendments to the Guaranty Agreement in this instance. The Company is seeking the consent of owners of the Bonds to an amendment to the Guaranty Agreement to reduce the Modified Debt Service Coverage Ratio to 1.15 for each calendar quarter beginning with the quarter ending June 30, 2018. The Company has approached two institutional investors it has identified as the holders, in the aggregate, of more than 51% of the outstanding Bonds. If the consents of the owners of 51% or more of the outstanding Bonds are obtained by the Company, the proposed amendment to the Modified Debt Service Coverage Ratio requirement will be binding upon all bondowners. No solicitation of consents is being made by this Notice. The Company provides certain annual, quarterly, and monthly financial statements and other information to the Trustee for the Bonds in accordance with the terms of the Bond financing documents. The information provided by the Company is summarized on pages 57 - 59 in the Private Placement Memorandum relating to the Bonds, which was posted on EMMA and can be found at Bondowners are reminded that such financial information will be provided by the Trustee to any bondowner upon request.
  • Description: *****
  • Bond Document:
  • Latest Corporate Actions:

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