Chicago, IL (PRWEB) November 02, 2012
Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $51,640,000 tax-exempt, fixed-rate Series 2012 Bond issue for Asbury Pennsylvania Obligated Group issued through the Cumberland County Municipal Authority.
Asbury Pennsylvania Obligated Group consists of Bethany Village and Springhill, two CARF/CCAC accredited Continuing Care Retirement Communities located in the State of Pennsylvania. Bethany Village and Springhill are operating segments of Asbury Atlantic, which is a not-for-profit, tax-exempt non-stock corporation organized under the laws of the State of Maryland. Asbury Communities, Inc., a Maryland not-for-profit 501(c)(3), is the sole corporate member of Asbury Atlantic and is #15 on the LeadingAge Ziegler 100 listing of the 100 largest multi-site providers nationally.
The proceeds of the Series 2012 Bonds will be used to (i) refund certain tax-exempt bonds of the Authority previously issued on behalf of the Corporation, (ii) fund a deposit to the Combined Debt Service Reserve Fund, and (iii) pay a portion of the costs of issuing the Series 2012 Bonds. The refinancing allowed Asbury to refinance their existing bank debt and eliminate bank renewal risk all together from their capital structure for the PA Obligated Group.
Steve Jeffrey, Managing Director in Ziegler’s Senior Living practice, commented, “The entire Asbury organization and financing team is to be commended for acting quickly to enter the market when rates were very low and closing the financing in the aftermath of Hurricane Sandy.” 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.