“We appreciate our long-term working relationship with Ziegler; their expertise, experience and guidance were instrumental in Westminster realizing this very significant milestone,” stated Charles Borst, Executive Director of Westminster.
CHICAGO, IL (PRWEB) September 01, 2016
Ziegler, a specialty investment bank, is pleased to announce the successful bond pricing of Westminster Manor’s $61,525,000 Series 2016 Bonds.
Located in Austin, Texas, Westminster Manor (Westminster) is a not-for-profit corporation founded in 1973 for the purpose of owning and operating a retirement community. Westminster is a Type A CCRC that includes 328 independent living units, 22 assisted living units, as well as The Arbour at Westminster Health Center, which is comprised of 85 skilled nursing beds, 30 of which are utilized for memory support. Life Care Services has provided management services to Westminster since 1981.
The proceeds of the $61,525,000 Series 2016 Bonds will be used to (1) refund a portion of the outstanding Series 2010 Fixed Rate Bonds, (2) fund a debt service reserve fund for the Series 2016 Bonds, and (3) pay certain costs of issuance.
The Series 2016 Tax-Exempt Fixed Rate Bonds have a “BBB” rating from Fitch. Most importantly, Westminster will realize approximately $588,000 in annual cash flow savings for the next 24 years representing $11.4 million on a net present value basis.
Ziegler has a history of providing underwriting services to Westminster going back to the 1980’s. "We appreciate our long-term working relationship with Ziegler; their expertise, experience and guidance were instrumental in Westminster realizing this very significant milestone. Brandon and the Ziegler team moved the transaction quickly to market and exceeded our expectations. The savings achieved through the refinancing transactions were significant and will benefit the residents and Westminster for years to come," stated Charles Borst, Executive Director of Westminster.
“Ziegler is honored to serve as a strategic partner to Westminster and provide underwriting services as this refunding structure allows them to continue meeting and expanding their mission,” commented, Brandon Powell, 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.
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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