Ziegler Closes $19.5 Million Appalachian Christian Village Financing

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Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $19,520,000 tax-exempt, fixed-rate Series 2013 Bond issue for Appalachian Christian Village (ACV). ACV is a Tennessee not-for-profit corporation that owns and operates the Appalachian Christian Village at Sherwood, a type-C continuing care retirement community, and Maple Crest, which includes 16 independent living cottages, both in Johnson City, Tennessee.

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ACV is a well-positioned, multi-facility provider in eastern Tennessee with a strong management team. This team was tested by a number of unusual events in 2012 and were still able to deliver operating results that earned them an investment...

Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $19,520,000 tax-exempt, fixed-rate Series 2013 Bond issue for Appalachian Christian Village (ACV). ACV is a Tennessee not-for-profit corporation that owns and operates the Appalachian Christian Village at Sherwood, a type-C continuing care retirement community, and Maple Crest, which includes 16 independent living cottages, both in Johnson City, Tennessee.

The Sherwood campus consists of 97 independent living studio apartments, 51 two-bedroom independent living apartments located in an eight-story tower, 16 townhouses and cottages for independent living; 103 nursing beds; and 20 assisted living units on a 12-acre campus. The Maple Crest Cottages consist of 16 stand-alone independent living cottages on 15 acres located on a second campus approximately four miles from Sherwood. The obligated group for the Series 2013 Bonds consists of ACV and The Appalachian Christian Village Foundation.

Proceeds of the Series 2013 Bonds, together with other sources of funds, will be used to refund the outstanding Series 2004 Bonds in the amount of $16,970,000 and to fund $2,000,000 in campus improvements. Fitch Ratings has rated the Series 2013 Bonds BBB- with a stable outlook.

Rich Scanlon, Managing Director in Ziegler’s Senior Living practice, commented, “ACV is a well-positioned, multi-facility provider in eastern Tennessee with a strong management team. This team was tested by a number of unusual events in 2012 and were still able to deliver operating results that earned them an investment grade rating from Fitch. The reduction in annual debt service provided by the refunding will provide them with additional funds to pursue additional strategic objectives.”

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.

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Christine McCarty
Ziegler
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