DRALA MOUNTAIN CENTER ANNOUNCES SUBSTANTIAL GIFTS TO REDUCE LONG TERM DEBT

September 4th, 2024
Red Feather Lakes, Colorado. Drala Mountain Center announced today that it has received restricted gifts from three major donors led by the Pema Chodron Foundation in the total amount of $700,000. At the direction of the donors, the funds have already been used to reduce DMC’s senior secured indebtedness to Red Hills Holdings, LLC. Using the proceeds of the restricted gifts, an amount of $500,000 has been applied to prepay principal due on the Maturity Date which will also (i) result in a waiver of an additional $100,000 of principal by the lender and (ii) will automatically extend the Maturity Date to September 26, 2030. An amount of $200,000 has been applied to prepay quarterly principal payments due on October 1, 2024, January 1, 2025, April 1, 2025, July 1, 2025, October 1, 2025, January 1, 2026, April 1, 2026, and July 1, 2026. The reduction in the outstanding principal balance of the senior debt has also resulted in a substantial reduction of DMC’s required monthly interest payments on the debt.

On behalf of the DMC Governing Council, Clifford Neuman, Chairman, stated “We want to thank the generosity and support of our donors and community for this important milestone to ensure our long-term financial stability.”