On August 10, 2016, Womble Carlyle client Deerfield Episcopal Retirement Community in Asheville successfully completed a refunding bond transaction.  

Womble Carlyle’s Paul Billow and Jon Mize were the primary attorneys representing Deerfield as bond counsel on the transaction with paralegal assistance from Jennifer Distefano.

The transaction encompassed the issuance of $40,460,000 of tax-exempt revenue bonds to refinance certain outstanding bonds issued for Deerfield in 2008. The transaction actually began in 2015, but was postponed right before the distribution of an offering document due to adverse changes in market conditions. 

Fortunately, the waiting paid off for the client. With improved market conditions and an increase in Deerfield’s credit ratings, the refunding bonds were successfully sold resulting in total debt service saving for Deerfield of more than $16.3 million ($12.3 million of present value debt service savings). This refinancing transaction saves Deerfield over $760,000 annually in debt service payments for the next 20 years.   

Paul Billow practices in the area of municipal bonds and public finance, serving in the roles of bond counsel, underwriter’s counsel, bank counsel and borrower’s counsel primarily in connection with North Carolina public finance transactions. He has substantial experience in all types of public finance transactions, including general obligation bonds, revenue bonds, special obligation bonds, installment and lease-purchase financings and certificates of participation (COPs), as well as interest rate swaps and other derivative instruments relating to such financings. Billow practices in Womble Carlyle’s Raleigh, N.C. office.

Jon Mize is a public finance attorney with experience serving as bond counsel, underwriter’s counsel, borrower’s counsel and bank counsel in financings for local governments, hospitals, universities, colleges, private schools, continuing care retirement communities and other authorities and organizations. Mize has experience in a variety of tax-exempt and taxable public finance transactions, including general obligation bonds, revenue bonds, certificates of participation and limited obligation bonds.