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A debt service reserve account covering six months of principal and interest payments and a capital improvement account covering the first two years of budgeted renovation expenditures were fully funded at closing.
Proceeds will be used to finance approximately $134 million of construction costs including reimbursing MBHS for approximately $32 million of prior capital expenditures, refund approximately $55 million of MBHS' outstanding debt (listed below), fund a debt service reserve account and pay costs of issuance.
The master indenture requires a debt service reserve account (DSRA) and loan loss fund (LLF) be funded at each bond issuance.
The debt service reserve account for the second lien bonds, established by a surety bond, will equal the least of maximum annual debt service, 10% of outstanding principal or 1.
The purposeful draw on both the senior and subordinate lien debt service reserve fund stemmed primarily from management's attempt to garner control over excess funds released over time from the subordinate debt service reserve account.
New and existing operating company creditors are being provided additional protections in the form a covenant package that includes limitations on additional indebtedness, a negative pledge on assets and a six-month debt service reserve account.
With the amendment, the sponsors have also foregone their right to distributions through the term of the amendment (the end of 2007) and increased the debt service reserve account (DSRA) to one year's maximum debt service (approximately $73.
Funds have been pulled from the debt service reserve account to bring the loan current.