First Baptist Church is a healthy, well-managed ministry with great growth potential. We were pleased to present the church with a refinance proposal, because we knew we could help them generate real savings with a new bond issue...
Chicago, IL (PRWEB) November 19, 2014
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $2,250,000 Series 2014 Bond issue for First Baptist Church of Clovis. First Baptist Church of Clovis was founded in the early 1900’s in Clovis, California.
In 1974, the church acquired the existing church site in an undeveloped area of Clovis. In 1978, construction of a new sanctuary began and in late 1979, the church occupied the site and relocated its ministry operations. During 1980 and 1981, the church continued expansion of its facilities and constructed two additional buildings that are currently used for the children’s ministry program and preschool program that was established in 1981. The preschool program continues to be an essential ministry of the church. In 2006, the church completed and dedicated a new sanctuary. Today, the average weekly worship attendance is 553 and there is a preschool enrollment of 148.
Proceeds of the 2014 Bonds were used to redeem a series of 2007 Bonds which were issued to refinance existing debt incurred to complete the construction of the new sanctuary. The 2014 Bonds lowered the church’s average coupon to 5.69% and lowered its annual debt service by an amount that will save the church approximately $14,000 per year and $425,000 over the term of the 2014 Bonds.
“We appreciate the help and direction we received from the Ziegler team. Every step of the way, they kept us informed and engaged. This refinancing allows our church to accelerate our desire to be debt-free by reducing the interest rates and the terms. One of our existing pursuits concerns being faithful as stewards, and Ziegler’s counsel and help will allow us to be just that,” stated church Lead Pastor, Ken Hendrix.
Bill Dodson, senior vice president in Ziegler’s religion & education practice and lead banker on this transaction along with Erin Wait, commented, “First Baptist Church is a healthy, well-managed ministry with great growth potential. We were pleased to present the church with a refinance proposal, because we knew we could help them generate real savings with a new bond issue in this low rate environment. Working with their leadership team was a true delight.”
Since our first financing in 1913, Ziegler has become a recognized leader in providing creative, tailored solutions to religious and educational institutions. Focusing on multidenominational places of worship, charter schools and K-12 private schools, Ziegler offers long-term, fixed-rate financing, tax-exempt financing and short-term, variable rate financing.
For more information about Ziegler, please visit us at http://www.Ziegler.com.
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 municipal and structured 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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