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You might say that tax-free, municipal bond investing is in our bloodHerbert J. Sims is more than an innovator in the municipal bond field. We were among those who pioneered the category itself. It was the middle of the Great Depression, yet our founder was one of the first people to see bonds not only as a way to build our nation's infrastructure, but also as a way for investors to more safely build their personal fortunes. From moving earth to pouring concrete to erecting steel, Sims has always been on the cutting edge of public project financing. 1935: Herbert J. Sims & Company is established on Wall Street in downtown Manhattan, NYC. 1937: Sims recognizes the potential for rebuilding America's infrastructure during the Depression, using high yield tax-free bonds to refinance county roads in Florida. 1946: Investors enjoy tax-free high yields by refinancing a St. Petersburg, Florida causeway. 1948: Georgia's natural gas systems beckon. The high-yield bond Sims issued was the first of over 100 like systems it financed throughout the southern states. 1964: Sims issues its first tax-free hospital bond. 1965: The future success of Sims sees its genesis when it issues the first municipal bond to finance a long-term care community. This is the first of over 225 nursing and senior living facilities financed by the company. 1970: Merrill Lynch, Salomon Brothers and Eastman Dillon join forces with Sims to finance over $1.5 billion in hospital issues. 1980: Sims finances its first continuing care retirement community, a facility in Florida, with yields of up to 13% tax-free. 1984: Long-term care bond issue placements are offered by Sims to bond funds and insurance companies. 1987: American Association of Homes and Services for the Aging (AAHSA) selects Sims as a preferred banker. 1989: Sims moves its headquarters to Westport, Connecticut. 1995: An investment banking office is opened in Orlando, Florida by Sims.
1996: Sims offers its first Private Placement, a MatchCap 1998: The New Jersey retail office is opened by Sims. 1998: Sims offers its first solely-managed underwriting in excess of $100 million. 1999: A retail office in Boca Raton, Florida and a Long Beach, California investment banking office is opened by Sims. 2000: Sims underwrites its first correctional facility. 2001: AAHSA's Business Development Council (ADC) welcomes Sims as a new member. 2001: Sims' Maryland investment banking office opens. 2002: Sims underwrites its first charter school. 2004: Southport, Connecticut becomes the new home of Sims' headquarters. 2004: Rainbow Vision Sante Fe, the nations first senior living facility catering to the gay and lesbian lifestyle, is underwritten by Sims. 2005: AAHSA hires Sims to refinance its debt. 2006: Entrance Fee Principal Redemption Bonds, a new concept in financing, is introduced by Sims with its underwriting of Ingleside at King Farm in Maryland. 2007: Sims opens an investment banking office in Houston, Texas. |
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Dick Larkin, Director of Research at Herbert J. Sims & Co. shares his insight on bond insurers with CNBC's Charlie Gasparino.
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