Chicago, IL (PRWEB) August 16, 2013
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the Series 2013A $35,840,000 tax-exempt, non-rated, fixed-rate Bonds for Magnolia Manor Obligated Group. Magnolia Manor, Inc. (the Corporation) is a Georgia not-for-profit which is affiliated with the South Georgia Conference of the United Methodist Church.
The Obligated Group for the Series 2013A Bonds consists of the Corporation and Magnolia Manor of Columbus, Inc. Campuses operated by the entities include retirement communities, assisted living facilities and skilled nursing facilities in the South Georgia communities of Americus, Columbus, Macon, Moultrie, Richmond Hill and St. Mary’s, consisting of a total of six ministerial cottages, 316 independent living units, 146 assisted living units, and 557 licensed skilled nursing beds.
Proceeds of the Series 2013A Bonds, together with other sources of funds, will be used to refund the outstanding Series 1999 Bonds and two corporate loans. The Series 2013A Bonds are tax-exempt, non-rated, fixed-rate bonds with a 30-year final maturity.
Tad Melton, Director in Ziegler’s Senior Living practice, stated, “Magnolia Manor is a diverse, large-scale, multi-facility senior living organization with a strong sense of mission and a long track record of providing high quality retirement communities in South Georgia. The Series 2013A financing enables Magnolia Manor to secure permanent financing for a recent acquisition and pursue strategic opportunities than will further enhance the strength of the organization. Ziegler is proud to have been part of the team to advance these objectives.”
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.
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 more information about Ziegler, please visit us at http://www.Ziegler.com.