Ziegler Closes $13.625 Million Financing For Terwilliger Plaza, Inc.

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Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $13,625,000 fixed-rate Series 2016 Bond issue for Terwilliger Plaza, Inc. (the Corporation), a long-standing Ziegler client.

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“As a strong investment grade borrower and premier retirement community in its market, Terwilliger Plaza was well-placed to take advantage of today’s low interest rate environment. This transaction generates nice savings that the Plaza can redeploy...

Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $13,625,000 fixed-rate Series 2016 Bond issue for Terwilliger Plaza, Inc. (the Corporation), a long-standing Ziegler client. Terwilliger Plaza, Inc. is an Oregon not-for-profit, public benefit corporation, incorporated in 1958.

The Corporation owns and operates a continuing care retirement community known as Terwilliger Plaza (the Plaza) in downtown Portland, Oregon. The Plaza offers a wide spectrum of services and care for eligible persons 62 years of age and older, and consists of 245 independent living units, 44 assisted living apartments, and 17 residential care beds. All residents 62 years of age and older who currently occupy an apartment at the Plaza as their primary residence are members of the Corporation, making the Plaza one of the few resident governed communities in the country.

Proceeds from the sale of the Series 2016 Bonds, together with other available funds, will be used to: (i) refund the outstanding Series 2006A Bonds and the Series 2006B EXTRAS, outstanding in the amount of $15,575,000; (ii) fund a debt service reserve fund to secure the Series 2016 Bonds; and (iii) pay certain costs associated with the issuance of the Bonds.

The Series 2016 Bonds are rated “BBB” by Fitch, and consist of $13,625,000 in serial and term bonds, with a final maturity of 2036 that matches the final maturity of the 2006 Bonds. With an average yield of 2.84%, net present value savings of the refunding was approximately $2.3 million, or 14.72% of refunded par. Average annual debt service savings through 2032 is $194,000, after which refunded debt service becomes uneven.

Elizabeth Comfort, CFO of Terwilliger Plaza, stated, “This spring Terwilliger Plaza was led by Ziegler through a refinance of 10-year old bonds. The refinance was a financial savings of 14.724% over the next 20 years! Ziegler orchestrated our weekly calls with efficiency and timeliness. Their positive support and experienced guidance over the three months, and coordination of all the key players, contributed to a financial achievement and a well-organized process.”

“As a strong investment grade borrower and premier retirement community in its market, Terwilliger Plaza was well-placed to take advantage of today’s low interest rate environment. This transaction generates nice savings that the Plaza can redeploy for the benefits of its resident stakeholders,” commented, Mary Muñoz, 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.
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Mary Therese Pembroke
Ziegler
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