Ziegler Closes $6.6 Million Aldersly Garden Retirement Community Financing

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Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $6,360,000 BBB+ (Fitch) rated, Tax-Exempt Series 2015A and $275,000 Taxable Series 2015B Bonds (collectively the Bonds) for the Aldersly Garden Retirement Community. Aldersly Garden Retirement Community (Aldersly) is a long-standing Ziegler client with Ziegler serving as sole underwriter on the Series 2002 Bonds.

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It was a pleasure to work closely with Aldersly’s Board, management team and staff on this successful financing. As a group, we set out on an aggressive timeline to capitalize on historically low fixed interest rates and managed to sustain that goal...

Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $6,360,000 BBB+ (Fitch) rated, Tax-Exempt Series 2015A and $275,000 Taxable Series 2015B Bonds (collectively the Bonds) for the Aldersly Garden Retirement Community. Aldersly Garden Retirement Community (Aldersly) is a long-standing Ziegler client with Ziegler serving as sole underwriter on the Series 2002 Bonds.

Aldersly is a California not-for-profit corporation founded and incorporated in 1921 by Danish organizations as a retirement home serving the Danish-American communities in California and Nevada. The Community has for many years welcomed anyone who meets its financial and other admission criteria. Aldersly is dedicated to serving the needs of its senior residents in the Danish tradition and spirit of respecting and caring for the elderly. The name Aldersly means “shelter for the aging.”

Peter Schakow, President of the Board at Aldersly, expressed his appreciation for successfully achieving the refinancing objectives. He added; “Ziegler was a tremendous help to the Aldersly team throughout the process. Bond refinancing is a very complicated process for those us who don’t do this regularly. Ziegler managed to guide us through process and coordinate with all the parties involved extremely professionally.”

Aldersly will use the proceeds of the sale of the Bonds and other available funds to (i) refund the outstanding Series 2002 Bonds; (ii) finance or reimburse the costs of constructing, renovating, remodeling and equipping the facilities at Aldersly; (iii) fund a debt service reserve fund for the Series 2015A Bonds; (iv) pay the remaining balance of the Help II Loan; and (v) pay certain costs of issuance. The 2015 Bonds were structured to extend the existing final maturity from 2032 to 2040, creating capacity to fund $1.7 million in new money without increasing annual debt service.

Sarkis Garabedian, Senior Vice President in Ziegler’s senior living practice, stated “It was a pleasure to work closely with Aldersly’s Board, management team and staff on this successful financing. As a group, we set out on an aggressive timeline to capitalize on historically low fixed interest rates and managed to sustain that goal while maximizing Aldersly’s rating outcome with an initial bond rating of BBB+ from Fitch Ratings. Through these successes we were able to deliver significant debt service savings and additional funds to Aldersly for capital improvements without increasing annual debt service.”

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.

About Ziegler:
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.
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Leslie Weir
Ziegler
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