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Pure Cycle Corporation Announces Receipt of $10.1 Million From Sky Ranch Community Authority Board Bond Refinancing Offering
DENVER, CO / ACCESSWIRE / October 30, 2024 / Pure Cycle Corporation (NASDAQ Capital Market:PCYO) is pleased to announce that Sky Ranch Community Authority
About this update from Pure Cycle Corporation
[{"type":"text","content":"DENVER, CO / ACCESSWIRE / October 30, 2024 / Pure Cycle Corporation (NASDAQ Capital Market:PCYO) is pleased to announce that Sky Ranch Community Authority Board (Sky Ranch CAB) successfully closed its municipal bond refinancing totaling $21.9 million, which netted the Sky Ranch CAB $10.1 million after repayment of their 2019 Bonds, fees, capitalized interest, and expenses. After the closing, the Sky Ranch CAB repaid Pure Cycle $10.1 million in public improvement reimbursables and associated interest.The Sky Ranch CAB, a political subdivision and a public corporation of the State of Colorado responsible for the construction, design and financing of the public improvements at Pure Cycle's development site known as the Sky Ranch Master Planned Community (Sky Ranch). The Sky Ranch CAB engaged underwriter DA Davidson to refinance their 2019 Bonds within Sky Ranch Metropolitan District No. 1. The Sky Ranch CAB successfully sold tax-exempt, fixed rate, investment grade senior bonds in the aggregate principal amount of $18,585,000 and tax-exempt, fixed-rate subordinate bonds in the aggregate principal amount of $3,307,000 (collectively, the \"2024 Bonds\"). Upon the issuance of the 2024 Bonds, the Company received $10.1 million as partial reimbursement of the Company's Note Receivable from the Sky Ranch CAB for advances the Company made to the Sky Ranch CAB to fund the construction of public improvements to the Sky Ranch property.\"The CAB's underwriter successfully placed the bonds in a fluctuating bond market at competitively low rates. This bond offering brings the total municipal bonds issued by the Sky Ranch CAB, net of refinance amounts, to $51.4 million, which is indicative of the strength and success of our Sky Ranch Master Planned Community\" commented Mark Harding, CEO of Pure Cycle. \"We continue to finish lots, and our home builders continue to enjoy strong demand for entry level houses at Sky Ranch. We are actively developing three phases as we accelerate the pace of development at Sky Ranch to match demand for our lots,\" concluded Mr. Harding.Company InformationPure Cycle continues to grow and strengthen its operations, grow its balance sheet, and drive recurring revenues. We operate in three distinct business segments, each of which complements the other. At our core, we are an innovative and vertically integrated wholes...