CUSIP 97710BBX9


  • ISIN: US97710BBX91
  • Entity Name: Wisconsin Health and Educational Facilities Authority
  • Sector: Sub Sovereign Agency
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Unscheduled Draw
  • News: There were previously issued and outstanding under that certain Indenture dated as of June 1, 2008 as supplemented (the ""Indenture"") between the Issuer and The Bank of New York Mellon Trust Company, National Association, formerly named The Bank of New York Trust Company, N.A. (the ""Bond Trustee""), $12,000,000 in principal amount of the Issuers Revenue Notes, Series 2008 (the Bonds). The Bond Trustee also serves as Master Trustee (the Master Trustee) pursuant to a Master Indenture dated June 1, 2008 between it and the Obligated Group (the Master Indenture), consisting initially of the Borrowers (the Obligated Group). The Notes are secured pursuant to a Note issued under the Master Indenture (the Master Note). UMB Bank N.A. serves as successor Trustee and successor Master Trustee pursuant to that certain Instrument of Removal and Appointment dated as of January 10, 2017. Hereinafter UMB may be referred to as Master Trustee or Bond Trustee, as appropriate. The proceeds of the Bonds were loaned by the Issuer to AE Arpin Facility Company, LLC; American Eagle Nursing Home Company of Arpin, LLC; AE Colby Facility Company, LLC; American Eagle Nursing Home Company of Colby, LLC; AE Madison Facility Company, LLC; and American Eagle Nursing Home Company of Madison, LLC, each of which are Wisconsin limited liability companies having Emerald Upper Midwest Holding Corporation (EUMHC), a Wisconsin non-profit corporation, as its sole member, which are currently the sole members of the Obligated Group created by the Master Indenture described below (together, the ""Borrowers"") to provide for the refinancing of certain other debt of the Borrowers, creation of the Debt Service Reserve Fund and to pay the costs of issuance of the Bonds. EUMHC became the sole member thereof pursuant to that certain Assignment of Membership Agreement dated as of March 15, 2016 by and between EUMHC as Assignee and American Eagle Lifecare Corporation, a Tennessee non-profit corporation. Non-Payment of Interest Installment Holders of Holders Of $12,000,000 Wisconsin Health and Educational Facilities Authority Revenue Bonds December 5, 2018 Page 2 Pursuant to the terms of the Bond Indenture, the Obligated Group had the duty to make a monthly installment of principal and interest on November 30, 2018. As of December 3, 2018, a payment date on the Bonds, the Obligated Group had not made such payment. Accordingly, pursuant to Section 510 of the Indenture, the Trustee drew $61,944.17 from the Debt Service Reserve Fund on December 3, 2018 in order to make the full scheduled debt service payment of $371,665.00. Failure of the Obligated Group to pay any installment of interest when due is an Event of Default pursuant to Section 801(a) of the Bond Indenture. The Trustee, in consultation with holders of a majority of the outstanding principal of the Bonds (Majority Holders) is considering options in coordination with outside counsel. 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/US97710BBX91

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