Ziegler Closes $8 Million Nazareth Living Center Financing

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Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $8,035,000 non-rated, fixed-rate issue for Nazareth Living Center (Nazareth). Nazareth is a Missouri not-for-profit corporation currently consisting of a 150-unit assisted living apartment building and a 140-bed skilled nursing facility in St. Louis, Missouri.

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This financing for Nazareth represents an opportunity to expand the continuum of services on campus, to broaden the range of senior living options, and to further cement Nazareth’s reputation as a leading Catholic, faith-based senior living community...

Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $8,035,000 non-rated, fixed-rate issue for Nazareth Living Center (Nazareth). Nazareth is a Missouri not-for-profit corporation currently consisting of a 150-unit assisted living apartment building and a 140-bed skilled nursing facility in St. Louis, Missouri. Nazareth is co-sponsored by Benedictine Health System (BHS), a Minnesota not-for-profit corporation, and the Sisters of St. Joseph of Carondelet, St. Louis Province (CSJ), a Missouri not-for-profit corporation. BHS also serves as the manager of Nazareth.

Proceeds of the Series 2012 Bonds, together with other sources of funds, will be used to (i) fund an expansion of the community consisting of 50 entrance fee based independent living apartments; (ii) acquire leased land and adjoining property; (iii) fund interest on the bonds for 27 months; (iv) fund a debt service reserve fund; and (v) pay the costs of issuance. Other sources of funds for the financing consist of an equity contribution, the receipt of upfront entrance fees received from CSJ for the purpose of occupying 30 of the planned 50 independent living units, and a sponsor commitment to provide temporary debt in the form of a taxable subordinated loan to be paid from a portion of the entrance fees collected from units not purchased by CSJ.

Will Carney, Managing Director in Ziegler’s Senior Living practice, commented, “This financing for Nazareth represents an opportunity to expand the continuum of services on campus, to broaden the range of senior living options, and to further cement Nazareth’s reputation as a leading Catholic, faith-based senior living community in St. Louis.” As one of the nation’s leading underwriters of financing for not-for-profit senior living providers, Ziegler 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.

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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