Ziegler Closes $50 Million Financing for Holland Home

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Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $50,390,000 fixed-rate issue for Holland Home. Holland Home is a multi-site senior living provider that was originally founded in 1892 in Grand Rapids, MI and is recognized in the LeadingAge Ziegler 100 as the 39th largest multi-site provider nationally.

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This was a very timely financing for Holland Home as they were able to achieve a number of changes to their capital structure and access the favorable low interest rate environment. Ziegler has proudly served Holland Home as its strategic financial...

Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $50,390,000 fixed-rate issue for Holland Home. Holland Home is a multi-site senior living provider that was originally founded in 1892 in Grand Rapids, MI and is recognized in the LeadingAge Ziegler 100 as the 39th largest multi-site provider nationally.

Today, Holland Home is a dynamic organization that through its four communities has approximately 1,419 units comprised of 723 independent living units, 435 assisted living units, 20 hospice units, and 241 skilled nursing units. In addition, Holland Home owns and operates Faith Hospice, a community hospice program, Trillium Woods, a residential hospice facility, HomeCare of Holland Home, a home health care agency, Rehab Dimensions, a rehab staffing company, and is a part owner in Care Resources a PACE program serving the Grand Rapids area.

The Series 2012 Bonds are being issued to (i) refinance the Series 2000, 2002B, and 2006B; (ii) terminate the Series 2006B swap related to the refunded bonds; (iii) fund a debt service reserve fund; and (iv) pay certain costs relating to the issuance of the proposed bonds. The Series 2012 Bonds will significantly reduce Holland Homes’ exposure to bank credit, as well as reduce the number of banking partners from three banks to one bank. This will eliminate a significant amount of risk and uncertainty in Holland Homes’ capital structure. In addition to the refinancing, Holland Home will convert three of its existing swaps from pay fixed swaps to basis swaps.

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. Tom Meyers, Managing Director in Ziegler’s Senior Living practice, commented, “This was a very timely financing for Holland Home as they were able to achieve a number of changes to their capital structure and access the favorable low interest rate environment. Ziegler has proudly served Holland Home as its strategic financial partner for the past 18 years.”

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.

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Christine McCarty
Ziegler
312 596 1617
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