The Clare at Water Tower restructures 2005 bonds
Clients Clare at Water Tower, The
Jones Day served as bond counsel for the restructuring of bonds for The Clare at Water Tower in 2010. The Clare at Water Tower is a 53-story continuing care retirement community located in downtown Chicago. Jones Day also served as bond counsel for the issuance of the original bonds in 2005 which included approximately $229 million of tax-exempt and taxable bonds. The restructuring transaction involved a tender offer for approximately $92 million of the 2005 bonds which were exchanged for new tax-exempt bonds. The new tax-exempt bonds included fixed rate bonds with extended maturities for 70% of the original bonds and zero coupon bonds for the remaining 30% of the original bonds.
Jones Day lawyers worked closely with representatives of both the borrower and creditors to help structure this transaction which permitted The Clare at Water Tower to continue operating without filing for bankruptcy.