CUSIP 60636AMT7


  • ISIN: US60636AMT78
  • Entity Name: Health and Educational Facilities Authority of the State of Missouri
  • Sector: Sub Sovereign Agency
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Amendment of Indenture
  • News: On October 21, 2016, the Health and Educational Facilities Authority of the State of Missouri issued its Educational Facilities Revenue Bond (Saint Louis University), Series 2016A-1 in the original principal amount of $35,965,000 and Series 2016A-2 in the original principal amount of $35,965,000 (together, the Series 2016 Bonds). The Series 2016 Bonds were issued under a Bond Trust Indenture dated as of October 1, 2016 (the Existing Bond Indenture) between the Authority and The Bank of New York Mellon Trust Company, N.A., as trustee (the Bond Trustee), and the Authority loaned the proceeds of the Series 2016 Bonds to the University pursuant to a Loan Agreement dated as of October 1, 2016 (the Loan Agreement) between the Authority and the University. The Series 2016 Bonds were purchased by Wells Fargo Bank, National Association (the Purchaser). In conjunction with the purchase of the Series 2016 Bonds by the Purchaser, the University and the Purchaser entered into a Continuing Covenants Agreement dated as of October 21, 2016 (the Existing Continuing Covenant Agreement) containing certain covenants relating to the Series 2016 Bonds for the benefit of the Purchaser. The University used the proceeds of the Series 2016 Bonds to refund the Authoritys outstanding Educational Facilities Revenue Bonds (Saint Louis University), Series 2008A-1 and Educational Facilities Revenue Bonds (Saint Louis University), Series 2008A-2 Amendment of Certain Terms of the Series 2016 Bonds Pursuant to the Existing Bond Indenture, the interest rate on the Series 2016 Bonds automatically increased due to the reduction in the maximum federal corporate tax rate effective on January 1, 2018. Following the change in the interest rate, the Purchaser and the University negotiated further changes to the interest rate and the Amortization Period (as defined in the Continuing Covenant Agreement, defined below). The Authority and the Bond Trustee, at the request and with the consent of the University and the Purchaser, as the owner of 100% of the Series 2016 Bonds, entered into Supplemental Bond Indenture No. 1 dated as of December 1, 2018 (the Supplemental Bond Indenture No. 1 and together with the Existing Bond Indenture, the Bond Indenture) to amend and supplement the Existing Bond Indenture as summarized herein. The University and the Purchaser also agreed to supplement and amend the Existing Continuing Covenant Agreement and entered into the First Amendment to Continuing Covenant Agreement dated December 14, 2018 (the First Amendment to Continuing Covenant Agreement and together with the Existing Continuing Covenant Agreement, the Continuing Covenant Agreement). Current Terms of the Series 2016 Bonds Prior to the effective date of the amendments, the Series 2016 Bonds bear interest at a variable rate per annum that resets weekly based on the London Interbank Offered Rate (LIBOR) for U.S. Dollar deposits with a one-month term plus a spread. The amendments under the Supplemental Bond Trust Indenture will be effective on January 2, 2019. The Series 2016 Bonds are subject to a mandatory put date on October 20, 2021, which the Purchaser and the University may extend in accordance with the terms of the Bond Indenture. The Series 2016 Bonds require monthly interest and annual principal payments and have a final maturity of October 1, 2035. The Series 2016 Bonds are subject to optional redemption on any interest payment date at 100% of the principal amount redeemed, plus accrued interest. The Series 2016 Bonds may be converted to a daily, a weekly, a commercial paper, a long-term, a fixed or floating SIFMA Index interest rate mode per the Bond Indenture. If the Series 2016 Bonds are converted to a daily, weekly, commercial paper, long-term or fixed interest rate mode, the Series 2016 Bonds may be subject to optional tender by the owners thereof pursuant to the terms of the Bond Indenture. Per the terms of the Bond Indenture, if the Series 2016 Bonds are converted to a daily or weekly interest rate mode, the University must maintain a letter of credit in an amount equal to the principal amount outstanding plus interest on the Series 2016 Bonds. Security for the Series 2016 Bonds The Series 2016 Bonds are secured by respective Master Notes issued under the Master Trust Indenture dated as of September 15, 1993, as supplemented and amended (the Master Indenture) between the University and UMB Bank, N.A., as master trustee. The Master Indenture does not contain a revenue pledge or pledge of specific assets to the repayment of obligations secured by Master Notes. There is no deed of trust or reserve fund securing the Series 2016 Bonds. The Series 2016 Bonds are secured on a parity basis with all other Mast...
  • Description: *****
  • Bond Document: https://www.bondpdf.com/
  • Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US60636AMT78

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