Pennybyrn at Maryfield is the epitome of our not-for-profit senior living clientele: they operate a beautiful, resident-directed, efficiently-run and missioned-oriented organization...
Chicago, IL (PRWEB) April 29, 2015
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $66,135,000 non-rated, tax-exempt, fixed-rate Series 2015 bond issue for Pennybyrn at Maryfield, a Ziegler client since 2005.
Maryfield, Inc. is a North Carolina not-for-profit corporation incorporated in 1947 by the Congregation of the Poor Servants of the Mother of God, an order of the Roman Catholic Church. The Corporation owns and operates a CCRC known as Pennybyrn at Maryfield (Pennybyrn) located on 68 acres in High Point, North Carolina. Pennybyrn currently consists of 180 independent living units (131 apartments and 49 cottages); 48 assisted living units (24 standard care and 24 memory support); and 125 skilled nursing beds.
Proceeds of the Series 2015 Bonds will be used, together with other available funds, to (a) advance refund all the outstanding Series 2005A Fixed Rate Bonds and Series 2005B EXTRASSM (b) currently refund all of the outstanding Series 2010 Bonds (direct bank private placement), (c) fund a debt service reserve fund for the Bonds and (d) pay certain fees and expenses incurred in connection with the sale and issuance of the Series 2015 Bonds.
Tad Melton, Director in Ziegler’s senior living practice, commented, “Pennybyrn at Maryfield is the epitome of our not-for-profit senior living clientele: they operate a beautiful, resident-directed, efficiently-run and missioned-oriented organization. We were proud to be associated with their repositioning in 2005 and were equally honored to help facilitate this refinancing, which will yield meaningful savings as a result of the current market interest rates and Pennybyrn’s stabilized credit profile.”
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.
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