Ziegler Closes $12 Million Westminster Village Terre Haute Financing

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Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $12,175,000 non-rated, fixed-rate Series 2012 Bond issue for Westminster Village Terre Haute (WVTH). WVTH is a not-for-profit community based single site CCRC located in Terre Haute, IN. WVTH opened in 1981 as the only CCRC provider in Terre Haute and continues today to be the only community offering all three levels of care in Terre Haute. WVTH has a total of 309 units comprised of 173 independent living apartments, 20 independent living cottages, 38 assisted living units, and 78 skilled nursing beds. WVTH is managed by Life Care Services (LCS).

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The Series 2012 Bonds were a great outcome for Westminster Village Terre Haute. They allowed the borrower significantly reduce the amount of bank credit risk to its capital structure while taking advantage of today’s low interest rate...

Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $12,175,000 non-rated, fixed-rate Series 2012 Bond issue for Westminster Village Terre Haute (WVTH). WVTH is a not-for-profit community based single site CCRC located in Terre Haute, IN. WVTH opened in 1981 as the only CCRC provider in Terre Haute and continues today to be the only community offering all three levels of care in Terre Haute. WVTH has a total of 309 units comprised of 173 independent living apartments, 20 independent living cottages, 38 assisted living units, and 78 skilled nursing beds. WVTH is managed by Life Care Services (LCS).

Proceeds of the Series 2012 Bonds will be used to (i) refund, on a current basis, the outstanding Series 2006A Bonds, (ii) provide approximately $1 million for general campus improvements, (iii) fund a debt service reserve fund; (iv) to fund the termination of the Series 2006A swap agreement; and (v) pay costs of issuance. In addition to issuing the Series 2012 Bonds, WVTH will be entering into a taxable term loan with Sovereign Bank in the amount of $8,955,000 which will be used to refund the existing 2006B Bonds as well as to fund certain project and cost of issuance expenses.

The Series 2012 Bonds allowed WVTH to reduce risk in its capital structure by refinancing LOC enhanced VRDBs with fixed-rate bonds. After the closing of the Series 2012 financing, approximately 58% of WVTH capital structure will now be fixed-rate bonds.

Tom Meyers, Managing Director in Ziegler’s Senior Living practice, commented, “The Series 2012 Bonds were a great outcome for Westminster Village Terre Haute. They allowed the borrower significantly reduce the amount of bank credit risk to its capital structure while taking advantage of today’s low interest rate environment. This will help to positively position the community in the years to come.” Ziegler is one of the nation’s leading underwriters of financing for not-for-profit senior living providers. Ziegler offers creative, tailored solutions to its senior living clientele, including investment banking, financial risk management, merger and acquisition services, investment management, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication.

For further information on the structure and use of this issue, please see the Official Statement located on the Electronic Municipal Market Access system's Document Archive.

For more information about Ziegler, please visit us at http://www.Ziegler.com.

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Christine McCarty
Ziegler
312 596 1617
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