Ziegler Closes $24.16 Million Financing For Deerfield Episcopal Retirement Community

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Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $24,160,000 Series 2014 tax-exempt non-bank qualified transaction issued by the North Carolina Medical Care Commission for Deerfield Episcopal Retirement Community (Deerfield), a new client to Ziegler. Deerfield is a Type-A LifeCare continuing care retirement (CCRC) operator located on 125-acres in Asheville, NC.

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Deerfield is a special community filled with amazing residents, staff and leadership. Deerfield’s proactive approach to its capital structure has allowed the organization to significantly reduce its debt service while also mitigating future risk...

Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $24,160,000 Series 2014 tax-exempt non-bank qualified transaction issued by the North Carolina Medical Care Commission for Deerfield Episcopal Retirement Community (Deerfield), a new client to Ziegler. Deerfield is a Type-A LifeCare continuing care retirement (CCRC) operator located on 125-acres in Asheville, NC. The Deerfield campus has a total of 473 units consisting of 351 independent living units, 60 assisted living units and 62 skilled nursing units. In April 2013, Deerfield received a five-year accreditation from the Commission on Accreditation of Rehabilitation Facilities – Continuing Care Accreditation Commission (CARF-CCAC), which they have had since 2003.

Ziegler served as the placement agent for the refunding transaction which resulted in a significant reduction in Deerfield’s future debt service. Deerfield received several attractive bank proposals but selected First Citizens Bank and Trust (First Citizens) as the credit provide due to superior pricing and terms. The proceeds of the $24.160 million Series 2014 Bonds will be used to a) refund the Series 2004A Fixed Rate Bonds in their entirety; b) refund the Series 2004B Adjustable Rate Bonds in their entirety; and c) pay certain costs of issuance associated with the refinancing. Given that the loan is coterminous with the amortization of the Series 2014 transaction and the bank provided a direct fixed rate, the refinancing does not expose Deerfield to additional put risk or interest rate risk. The Series 2014 transaction will result in net present value savings of over $2.5 million (10.26% of refunded bonds).    

Tommy Brewer, Managing Director in Ziegler’s senior living finance practice, commented, “Deerfield is a special community filled with amazing residents, staff and leadership. Deerfield’s proactive approach to its capital structure has allowed the organization to significantly reduce its debt service while also mitigating future risk. It is a pleasure to work with the entire Deerfield team and we at Ziegler are honored to have them as a client.”

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.

About Ziegler:
The Ziegler Companies, Inc. (PINKSHEETS: ZGCO), together with its affiliates (Ziegler), is a specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion, and education, as well as general and structured municipal finance. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, corporate finance, FHA/HUD, strategic advisory services and research. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.

Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client’s experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.
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Leslie Weir
Ziegler
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