OPRS has been a client of Ziegler since 1992 and we are very proud of our association with them. For the 2013 Bonds, the finance team pressed very hard to accommodate a pricing in early November.
Chicago, IL (PRWEB) November 25, 2013
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $50,550,000 S&P “BBB-” rated, fixed-rate Series 2013A Bond issue for Ohio Presbyterian Retirement Services (OPRS). OPRS is an Ohio 501(c)(3) corporation that was founded in 1922.
OPRS, headquartered in Columbus, owns and operates 11 communities throughout the state of Ohio, and ranks number 12 on the LeadingAge Ziegler 100 listing of largest not-for-profit senior living providers nationally. Nine of the 11 campuses are full-service continuing care retirement communities (CCRCs). Today, OPRS serves approximately 2,800 residents in 3,031 units through a continuum of care. OPRS also offers home and community based services through its senior independence practice that assists over 85,000 adults.
The $50,550,000 Series 2013A Bonds were issued in concurrence with the 2013B Bonds, which total $25,000,000, resulting in an aggregate amount of $75,550,000 for OPRS’ 2013 financing. The 2013A and 2013B Bonds are being issued to: 1) retire a loan from PNC in the outstanding principal amount of $11,000,000; (2) pay or reimburse OPRS for the payment of certain costs of acquiring, constructing, installing and equipping various capital expenditures; (3) establish a debt service reserve fund for the Series 2013A Bonds; and (4) pay cost of issuance for the Series 2013A and 2013B Bonds.
Tom Meyers, Managing Director in Ziegler’s Senior Living practice, stated, “OPRS has been a client of Ziegler since 1992 and we are very proud of our association with them. For the 2013 Bonds, the finance team pressed very hard to accommodate a pricing in early November. The bond markets have been challenging for several months and Ziegler had been anticipating these challenges continuing through Thanksgiving and December. We were able to successfully price OPRS’ 2013A Bonds in advance of heightened year-end bond supply and we were able to add a slice of attractively priced bank capital with the 2013Bs to allow for a great overall financing for our client. OPRS will use this capital to pursue several meaningful new money projects at its Westminster Thurber, Rockynol and Breckenridge Village campuses to further support its mission of serving Ohio’s seniors.”
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.