North Carolina Medical Care Commission (The Presbyterianhomesobligatedgroup)

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North Carolina Medical Care Commission (The Presbyterianhomesobligatedgroup) PRELIMINARY OFFICIAL STATEMENT DATED AUGUST 24, 2016 NEW ISSUE/DTC BOOK-ENTRY ONLY RATING: Fitch: A- In the opinion of Parker Poe Adams & Bernstein LLP, Bond Counsel, under existing law and assuming compliance by the Commission and the Corporations (as defined below) with certain requirements of the Internal Revenue Code of 1986, as amended, (1) the interest on the 2016C Bonds (as defined below) (a) is excludable from gross income for federal income tax purposes and (b) is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, and (2) the interest on the 2016C Bonds is exempt from State of North Carolina income taxation. See “TAX EXEMPTION” herein. $29,530,000* NORTH CAROLINA MEDICAL CARE COMMISSION HEALTH CARE FACILITIES FIRST MORTGAGE REVENUE REFUNDING BONDS (THE PRESBYTERIAN HOMES OBLIGATED GROUP) SERIES 2016C Dated: Date of Delivery Due: October 1, as shown on inside cover The above-referenced bonds (the “2016C Bonds”) are being issued by the North Carolina Medical Care Commission (the “Commission”) pursuant to a Trust Agreement between the Commission and U.S. Bank National Association, as trustee (the “Bond Trustee”), for the purpose of providing funds to The Presbyterian Homes, Inc. and Glenaire, Inc. (collectively, the “Corporations”) to be used, together with other available funds, to refund the Commission’s Health Care Facilities First Mortgage Revenue Bonds (The Presbyterian Homes Obligated Group), Series 2006 and Health Care Facilities First Mortgage Revenue Refunding Bonds (The Presbyterian Homes Obligated Group), Series 2006B, as more specifically described herein, and to pay costs of issuance in connection with the issuance of the 2016C Bonds. The 2016C Bonds will be limited obligations of the Commission, and the Commission will not be obligated to pay debt service on the 2016C Bonds except from the revenues and other funds pledged or assigned therefor under the Trust Agreement between the Commission and the Bond Trustee. Neither the faith and credit nor the taxing power of the State of North Carolina or of any political subdivision thereof is pledged as security for the 2016C Bonds. The 2016C Bonds are subject to optional, extraordinary optional and mandatory redemption prior to maturity as described herein. The 2016C Bonds are issuable as fully registered bonds without coupons. Purchases of the 2016C Bonds will be made in book-entry form only, and individual purchasers will not receive physical delivery of bond certificates. When issued, the 2016C Bonds will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). So long as Cede & Co. is the registered owner of the 2016C Bonds, principal and interest payments on the 2016C Bonds will be made to Cede & Co., which will in turn remit such payments to its Participants for subsequent disbursement to the beneficial owners of the 2016C Bonds, all as described herein. Interest on the 2016C Bonds is payable on each April 1 and October 1, beginning on April 1, 2017. Individual purchases of the 2016C Bonds will be made in the principal amount of $5,000 or any whole multiple thereof. So long as Cede & Co. is the registered owner of the 2016C Bonds, references herein to the Holders or registered owners of the 2016C Bonds shall mean Cede & Co. and shall not mean the beneficial owners of the 2016C Bonds. The 2016C Bonds are offered subject to prior sale, when, as and if issued by the Commission and accepted by the Underwriter, subject to the approval of Parker Poe Adams & Bernstein LLP, Raleigh, North Carolina, Bond Counsel. Certain legal matters will be passed upon for the Obligated Group by Wyatt Early Harris Wheeler LLP, High Point, North Carolina, and for the Underwriters by Robinson, Bradshaw & Hinson, P.A., Charlotte, North Carolina. It is expected that the 2016C Bonds will be available for delivery through the facilities of DTC in New York, New York on or about September 28, 2016. Davenport & Company, LLC September __, 2016 This Preliminary Official Statement and the information contained herein are subject to completion and amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to offer an of solicitation or the sell to Preliminary this shall circumstances no Under offer an constitute Statement Official This Preliminary amendment. and completion to are subject herein contained the information and Statement Official prior of such jurisdiction. or qualification under the securities to registration be unlawful laws solicitation or sale would these securities sale of these securities jurisdiction nor shall there be any in any buy in which such offer, * Preliminary, subject to change. $29,530,000* NORTH CAROLINA MEDICAL CARE COMMISSION HEALTH CARE FACILITIES FIRST MORTGAGE REVENUE REFUNDING BONDS (THE PRESBYTERIAN HOMES OBLIGATED GROUP) SERIES 2016C MATURITY SCHEDULE* $____________ SERIES 2016C BONDS Due Interest (October 1) Amount Rate Yield CUSIP1 $____________ __% Term Bonds due October 1, 20__, priced to yield ___%, CUSIP _________ $____________ __% Term Bonds due October 1, 20__, priced to yield ___%, CUSIP _________ $____________ __% Term Bonds due October 1, 20__, priced to yield ___%, CUSIP _________ ________________ *Preliminary, subject to change. 1CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein is provided by CUSIP Global Services, which is managed by S&P Global Marketing Intelligence on behalf of The American Bankers Association. This data is not intended to create a database and does not serve in any way as a substitute for CUSIP Global Services. CUSIP numbers are provided for convenience of reference only for the purchasers of the 2016C Bonds. None of the Corporations, the Commission or the Underwriters are responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the 2016C Bonds or as represented above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the 2016C Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of the 2016C Bonds. Aerial View of River Landing at Sandy Ridge (High Point, North Carolina) Aerial View of Glenaire (Cary, North Carolina) Aerial View of Scotia Village (Laurinburg, North Carolina) In connection with this offering, B.C. Ziegler and Company d/b/a Ziegler Capital Markets Group and Davenport & Company, LLC (together, the “Underwriters”), may overallot or effect transactions that stabilize or maintain the market price of the 2016C Bonds at a level above that which might otherwise prevail in the open market, and such stabilizing, if commenced, may be discontinued at any time. No dealer, broker, salesman or other person has been authorized to give any information or to make any representation in connection with this offering other than as contained in this Official Statement, and, if given or made, such other information or representation must not be relied upon. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the 2016C Bonds by any person, in any jurisdiction in which it is not lawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained from sources that are believed to be reliable, but the Underwriters do not guarantee the accuracy or completeness of the information and such information is not to be construed as a representation by the Underwriters or, as to information from sources other than the Commission and the Corporations, by the Commission and the Corporations. Neither the 2016C Bonds, the Trust Agreement nor the Master Indenture (as such terms are defined herein) have been registered or qualified with the Securities and Exchange Commission by reason of the provisions of Section 3(a)(2) of the Securities Act of 1933, as amended, and Section 304(a)(4) of the Trust Indenture Act of 1939, as amended. The registration or qualification of the 2016C Bonds, the Trust Agreement or the Master Indenture in accordance with applicable provisions of securities laws of the states in which the 2016C Bonds have been registered or qualified, if any, and the exemption from registration or qualification in other states, shall not be regarded as a recommendation thereof. In making an investment decision investors must rely on their own examination of the terms of the offering, including the merits and risks involved. These securities have not been recommended by any federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this Official Statement. Any representation to the contrary is a criminal offense. All quotations from and summaries and explanations of laws and documents herein do not purport to be complete, and reference is made to such laws and documents for full and complete statements of their provisions. Any statements made in this Official Statement involving estimates or matters of opinion, whether or not expressly so stated, are intended merely as estimates or opinions and not as representations of fact. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale of the 2016C Bonds shall under any circumstances create any implication that there has been no change in the affairs of Obligated Group since the date hereof. The Underwriters have provided the following sentence for inclusion in this Official Statement. The Underwriters have reviewed the information in this Official Statement in accordance with, and as part of, their respective responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information.
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