Chicago, IL (PRWEB) November 01, 2012
Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $49,195,000 non-rated, tax-exempt fixed-rate Series 2012 Bond issue for Christian Living Communities (CLC), a Ziegler client since 2002. CLC is a Colorado not-for-profit corporation which owns and operates three senior living campuses in the south Denver metropolitan area. Between the three campuses, CLC offers 361 independent living apartments, 15 independent living cottages, 122 assisted living units, 30 memory support assisted living units, 26 memory care support skilled nursing beds, and 152 traditional skilled nursing beds, for a total of 706 units across the continuum of care.
Ziegler served as the co-manager with Stifel Nicolaus on the Series 2012 Bonds. Proceeds of the sale of the Series 2012 Bonds were used to current refund the outstanding Series 2004, 2006B-1, and Series 2009 Bonds, fund a debt service reserve fund, and pay for certain costs of issuance. The refunding allowed CLC to realize approximately 12% present value savings of the refunded bonds.
Will Carney, Managing Director in Ziegler’s Senior Living practice, commented, “The CLC underwriting combined strong retail and institutional distribution which led to record debt service savings for the client. This pricing enabled CLC to significantly reduce their average cost of capital from a 7.51% average rate on the refunded bonds to only 4.83% on the new refunding issue.” 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.