United Cerebral Palsy of New York
On April 24th, Prager & Co., LLC ("Prager") served as Placement agent for United Cerebral Palsy of New York's ("UCP") $5,995,000 refunding bond transaction. The bonds were issued to refund existing bonds which had been issued through the Dormitory Authority of the State of New York in 1996 in a public offering. The refunding transaction was structured as a direct purchase in which a single bank purchases all of the new bonds issued. The refinancing removed restrictive covenants and allowed UCP to access several reserve funds— nearly $2 million— that were required for the previous bonds. Additionally, as an unrated entity, UCP achieved an extremely attractive cost of borrowing through the direct purchase option, and generated over $480 thousand in net present value savings.
United Cerebral Palsy of New York City is the leading nonprofit agency in New York City providing direct services, technology and advocacy to children and adults with cerebral palsy and other disabilities. UCP of NYC offers a breadth of more than 75 comprehensive programs including medical, clinical, educational, technological, residential and rehabilitative services to over 14,000 New York City residents and families annually.