GLENDALE, Calif., Sept. 9, 2021 /PRNewswire/ — Front Porch, a California-based not-for-profit provider of aging services, has successfully refinanced the majority of its debt, reducing its aggregate average debt service by more than $5 million annually. The Series A and Series B bonds sold for $305,565,000 and are exempt from federal and state income tax.
The organization presented its Series 2021 bonds to market on August 19th with more than 50 investors participating. Prior to going to market, Front Porch received an A rating from Fitch and an A- rating from S & P, with both rating agencies affirming a stable outlook.
By refinancing the combined debt, Front Porch has been able to streamline its debt profile, achieve cost savings, lock in long term committed capital, and level overall aggregate debt service, according to Diana Jamison, Chief Capital Strategy Officer.
“Like most successful endeavors, it was through the hard work, dedication and commitment from multiple team members that we achieved this tremendous outcome,” noted Ed Salvador, Chief Financial Officer.
About Front Porch
Front Porch is a not-for-profit system that supports 53 communities, 7,500 residents, and more than 6,000 participants in programs and services nationwide. Our mission is to inspire and build community, cultivating meaningful relationships and experiences that respond creatively to changing needs. Learn more at frontporch.net.
SOURCE Front Porch