WEST POINT, Pa., June 20, 2012 /PRNewswire-USNewswire/ -- ACTS Retirement-Life Communities, Inc., one of the nation's largest not-for-profit senior housing organizations, recently announced the plan for a tax-exempt bond financing transaction totaling more than $100 million to refund existing debt and fund capital improvements at its continuing care retirement communities (CCRCs) located in Pennsylvania. The financing is expected to close in July, 2012. Separately, ACTS announced that both Fitch Ratings Services and Standard & Poor's have given a positive assessment of the organization's financial health.
Fitch has affirmed the ACTS Obligated Group 'A-' credit rating, and S&P has affirmed its previous 'BBB+' rating. ACTS' strong reputation, sound management practices, and its large revenue base that enables the organization to achieve operating and cost efficiencies, factored significantly into its ratings by S&P and Fitch. Both agencies offered an outlook of stable, reflecting their expectation that ACTS is well positioned to maintain solid operating performance and remain profitable.
"The financing transaction takes advantage of favorable market interest rates and provides for the funding of capital improvements at several of our retirement campuses," said Gerald T. Grant, ACTS Executive Vice President and CFO. "The affirmed ratings by Fitch and S&P underscore the success our organization has had in managing through a volatile economic period over the past several years."
Since its founding in 1971, ACTS has grown through a combination of new community construction and acquisitions, and currently has annual revenues exceeding $370 million and assets totaling more than $1 billion. All eligible ACTS communities are accredited by CARF-CCAC for meeting independent standards in financial viability, governance and resident services.
Headquartered in West Point, Pennsylvania, ACTS currently maintains a system of 23 CCRCs in Pennsylvania, Delaware, Maryland, North and South Carolina, Georgia, Alabama and Florida that provide a combination of residential housing, assisted living and skilled nursing residences to nearly 8,500 seniors.
For more information, please visit ACTSretirement.org.
Contact: Michael Smith, [email protected], 215.661.8330 x00580
SOURCE ACTS Retirement-Life Communities