The church has been a fixture in the Westminster community since the early 1990’s. Locking into a fixed rate in the midst of a favorable interest rate environment provides the church both interest rate certainty for years to come...
Chicago, IL (PRWEB) July 29, 2015
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $8,635,000 Series 2015 Bond issue for L.I.F.E. Fellowship of Colorado (L.I.F.E. Fellowship), a new client to Ziegler. L.I.F.E. Fellowship began in 1979 under the leadership of Senior Pastor Ed Bulkley and acquired its current site in 1982.
At that time the current church site was acquired, the property was primarily undeveloped and the church continued to worship in rented space until it was able to build its original worship center in 1993. The church started a Christian day school, Life Christian Academy, shortly thereafter and now offers preschool through high school instruction. The church currently has average weekly worship attendance of 725 and the school has an enrollment of 151 students.
In 2007, the church broke ground on an approximately 43,000 square foot sanctuary project that included a 1,300-seat sanctuary and café. The church occupied the new sanctuary in December 2008. The 2007 project was financed by a five-year bank loan which was renewed in 2012. Proceeds of the 2015 Series Bonds were used to refinance the bank loan, securing a 25-year fixed-rate and eliminating the risk of interest rate resets.
“The Board was attracted to the security and flexibility of the Ziegler fixed rate option. Ziegler’s structure eliminated the interest rate risk associated with future loan renewals on our current bank debt and the covenant requirements often associated with a conventional bank loan model, commented, Ron Faillaci, Chairman of Finance Committee L.I.F.E. Fellowship of Colorado.
“The church has been a fixture in the Westminster community since the early 1990’s. Locking into a fixed rate in the midst of a favorable interest rate environment provides the church both interest rate certainty for years to come and prepayment flexibility if they choose to retire debt early,” stated Steve Hron, director in Ziegler’s religion finance practice.
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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