Ziegler Closes $23.8 Million Financing For Wake Robin

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Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $23,835,000 fixed-rate issue for Wake Robin Corporation (Wake Robin).

Wake Robin was able to accomplish many of its goals through this refinancing including deleveraging, realigning certain restrictive covenants to more market standards, and ending an onerous business relationship with ACA insurance...

Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $23,835,000 fixed-rate issue for Wake Robin Corporation (Wake Robin). Wake Robin is a Vermont 501(c)(3) not-for-profit corporation incorporated on May 16, 1984. The first independent residents moved into Wake Robin in May 1993. The facility consists of 212 independent living units and a health care center comprised of 31 residential care units and 51 skilled nursing beds. Wake Robin is located on approximately 136 acres of land in Shelburne, Vermont with a campus that overlooks Lake Champlain and the Adirondack Mountains.

Proceeds of the Series 2012 Bonds, together with other available funds, will be used to: (i) finance the amount required to refund all of the Vermont Economic Development Authority Mortgage Revenue Bonds, Wake Robin Corporation Project, Series 1999A (the Series 1999A Bonds); (ii) to fund a debt service reserve; and (iii) to pay the costs of issuing the Series 2012 Bonds. The Series 2012 Bonds will also provide Wake Robin with (i) net present value savings of $2.5 million or 8.62% as a percentage savings of the refunded bonds; (ii) the reduction of the DCOH requirement to 180 days from 300 days; and (iii) Wake Robin to separate themselves from their relationship with ACA (bond insurer for the Series 1999A Bonds). Janney Montgomery Scott served as co-manager on the transaction allowing a higher amount of retail bonds to be sold.

Ziegler is one of the nation’s leading underwriters of financing for not-for-profit senior living providers and offers 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. Keith Robertson, Director in Ziegler’s Senior Living practice, commented, “Wake Robin was able to accomplish many of its goals through this refinancing including deleveraging, realigning certain restrictive covenants to more market standards, and ending an onerous business relationship with ACA insurance. Given the favorable market conditions at the time of pricing, Ziegler and Janney were able to utilize strong demand to obtain a historically low cost of capital for Wake Robin.”

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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