Extract to table
Pull the structured facts out of a document: parties, dates, amounts, obligations.
Extract to table / negotiation-issues-list-term-sheet-markup.docx
negotiation-issues-list-term-sheet-markup.docx
Parties
HARKNESS LLP
Meridian Capital Partners LLC
Locke LLP
M. Vega
Pryor Crestfield LLP
Clearfield Municipal Advisors LLC
M. Greer
Drayton Services Inc
Dates
May 31, 2023
May 22, 2023
May 9, 2023
June 26, 2023
August 30, 2023
October 1, 2053
October 15, 2023
October 24, 2023
April 1, 2024
October 1, 2033
Amounts
$220,000,000
$250,000,000
$237,400,000
$193,500,000
$17,400,000
$215,490,000
$1,650,000
$990,000
$217,360,000
$1,870,000
Obligations
45% discount provided that Meridian agrees to assume certain additional closing expenses that are typically allocated to the issuer under the standard cost-of-issuance allocation
CSIA Counter-Position: The DSCR rate covenant in the Bond Indenture must be set at 1
Additional Bonds Test Meridian Proposal: As a condition to the issuance of additional parity bonds, net pledged revenues for the most recently completed fiscal year must equal at least 1
CSIA Counter-Position: The additional bonds test in the Bond Indenture must be set at 1
Accordingly, no UCC financing statement filing is required to perfect the lien on pledged revenues
If the DSRF is satisfied by a surety bond (as CSIA proposes), the flow-of-funds provisions must address the priority and mechanics of DSRF replenishment following a draw on the surety bond