By capitalizing on the reduced interest expense from the refinancing component and extending the final maturity by five years, we were able to obtain the $6 million in required funding for Christwood’s memory care expansion...
Chicago, IL (PRWEB) January 27, 2015
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $33,080,000 non-rated, tax-exempt, fixed-rate Series 2014 Bonds for Christwood.
Christwood, a Louisiana not-for-profit corporation, was incorporated in 1991 and owns and operates a “Type B” continuing care retirement community known as Christwood. Located on approximately 125 acres in Covington, Louisiana, Christwood opened in May of 1996. Covington is a suburb of New Orleans, located approximately 40 miles from downtown New Orleans. Currently, Christwood consists of 161 independent living residences, of which there are 143 apartments and 18 cottages, 34 assisted living units, 30 skilled nursing beds, and related common areas, amenities and recreational areas. Since 1999, the Christwood has engaged Life Care Services, LLC as its management company.
The Series 2014 Bonds will be used to (i) refund the outstanding Series 1998 Bonds, (ii) refund an outstanding bank loan, (iii) pay a termination fee on an interest rate swap associated with the bank loan, (iv) provide $6 million towards campus improvements including the construction of a 28-unit memory care facility, (v) fund a debt service reserve fund and (vi) pay a portion of the costs of issuance. Ziegler previously served as the sole underwriter for Christwood’s Series 1995 and 1998 Bonds.
Brandon Powell, Director in Ziegler’s senior living practice, stated “By capitalizing on the reduced interest expense from the refinancing component and extending the final maturity by five years, we were able to obtain the $6 million in required funding for Christwood’s memory care expansion without increasing annual debt service from prior levels.”
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.
The Ziegler Companies, Inc., together with its affiliates (Ziegler), is a privately held, 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.