Ziegler Closes $34.485 Million The United Methodist Retirement Homes Financing

Share Article

Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $34,485,000 tax-exempt, fixed-rate Series 2016A Bond issue on behalf of The United Methodist Retirement Homes (UMRH). UMRH is a multi-site operator of three continuing care retirement communities in North Carolina: Croasdaile Village in Durham; Cypress Glen in Greenville; and Wesley Pines in Lumberton, and has enjoyed a strong partnership with Life Care Services since 2000.

News Image
It has been amazing to watch the growth of UMRH over the past decade. The Board and Management team has relentlessly focused on providing the best possible experience for their residents, which has resulted in three amazing and vibrant campuses...

Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $34,485,000 tax-exempt, fixed-rate Series 2016A Bond issue on behalf of The United Methodist Retirement Homes (UMRH). UMRH is a multi-site operator of three continuing care retirement communities in North Carolina: Croasdaile Village in Durham; Cypress Glen in Greenville; and Wesley Pines in Lumberton, and has enjoyed a strong partnership with Life Care Services since 2000.

Combined, the three campuses comprise 932 total units consisting of 622 independent living units, 108 assisted living units and 202 skilled nursing units. UMRH is ranked as the 4th largest not-for-profit operator of senior living units in NC and 79th in the US, according to the 2015 LeadingAge Ziegler 150. All three of UMRH’s communities have received EAGLE Accreditation given by the United Methodist Association.

Proceeds of the Series 2016A Bonds have be used, together with other available funds, to currently refund all of UMRH’s outstanding Series 2005A and Series 2005C Fixed Rate Bonds and pay certain fees and expenses incurred in connection with the sale and issuance of the Series 2016A Bonds. The Series 2016A Bonds are ‘BBB’ rated from Fitch and were issued through the North Carolina Medical Care Commission. The aggregate yield to maturity on the Series 2016A Bonds is 3.47%, which produced net present value savings to UMRH of $8,914,521 (equal to 22.47% of the principal amount of the refunded bonds). Davenport & Company, LLC served at a 15% co-manager on the transaction.    

“It has been amazing to watch the growth of UMRH over the past decade. The Board and Management team has relentlessly focused on providing the best possible experience for their residents, which has resulted in three amazing and vibrant campuses. The ability to achieve a BBB rating from Fitch confirms the growth of the organization, and the tremendous savings resulting from refinancing its outstanding debt will help UMRH continue to grow and prosper. We are proud to be associated with UMRH and look forward to the many great things that are sure to come in the future,” commented, Tommy Brewer, Managing Director in Ziegler’s senior living practice.

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.
# # #

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Leslie Weir
Ziegler
+1 (312) 596-1646
Email >
Visit website