We were able to provide a new fixed-rate structure that lowers the rate and payment while preserving the flexibility for the church to prepay principal without penalty if they choose to do so in the future.
Chicago, IL (PRWEB) July 28, 2015
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $1,825,000 Series 2015 Bond issue for Living Hope Church of the Nazarene, a new client to Ziegler.
Living Hope Church of the Nazarene is located in a rural, but growing southern portion of Olathe, Kansas. The current senior pastor, John Marra, started the church in 1998 as a plant of the College Church of the Nazarene also located in Olathe. The church initially met in a local middle school and after years of steady growth in a rented facility, the Church launched a capital campaign in May 2010 to assist with the construction of its first building. In July 2013, the church completed construction and occupied the 14,386 square foot ministry building that includes a worship area with a capacity of 415, offices, classrooms and other multipurpose space. The church has grown to a current average weekly worship attendance of approximately 300.
Proceeds of the 2015 Series Bonds were used to redeem the 2011 Series Bonds (not Ziegler underwritten) that were issued to finance the costs of the facility construction completed in 2013. The 2015 Series Bonds were issued with a 5.5% top rate, saving the church approximately $19,000 annually.
“The refinancing provided savings to the church that can be redirected into ministry programs,” commented, John Marra, Senior Pastor of Living Hope Church.
Steve Hron, director in Ziegler’s religion finance practice, commented, “We were able to provide a new fixed-rate structure that lowers the rate and payment while preserving the flexibility for the church to prepay principal without penalty if they choose to do so in the future.”
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., 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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