Bronson is the largest regional health system in southwest Michigan serving a nine county region with a mission of advancing health in the communities they serve. We are pleased to have assisted Bronson in achieving meaningful interest cost savings...
Chicago, IL (PRWEB) December 07, 2016
Ziegler, a specialty investment bank, is pleased to announce the successful closing of $115,010,000 tax-exempt, fixed-rate, Bronson Healthcare Group, Inc. Series 2016 Bonds issued through the City of Kalamazoo Hospital Finance Authority.
Bronson Healthcare Group, Inc. (Bronson), a Ziegler client since 2003 and rated ‘A2’ by Moody’s, is a Michigan not-for-profit corporation that operates three acute hospitals. Bronson Methodist Hospital (BMH) is located in Kalamazoo, Michigan and currently has a total of 434 licensed beds. Bronson LakeView Hospital (BLH) is a 25-bed critical access designated hospital located in Paw Paw, Michigan and also has a 10 bed psychiatric unit. Bronson Battle Creek Hospital (BBCH) is located in Battle Creek, Michigan and has 218 licensed beds, consisting of 179 licensed acute care beds and 39 licensed psychiatric beds.
Bronson also operates other ancillary healthcare services including physician practice organizations, emergency medical services, athletic club, a skilled nursing facility, joint ventures and other support companies. Bronson serves a nine county market in southwest Michigan with a population of over one million.
Proceeds of the sale of the Series 2016 Bonds were used to advance refund a pro-rata portion of the callable Series 2006, Series 2010 and Series 2011A Bonds and pay costs of issuance. The final maturity of the Series 2016 Bonds is May 15, 2041, that term bond had a coupon of 3.50% to yield 3.65%, for a spread to 25-year MMD of 134 basis points.
John Hanley, Head of Ziegler's Healthcare Finance practice stated, “Bronson is the largest regional health system in southwest Michigan serving a nine county region with a mission of advancing health in the communities they serve. We are pleased to have assisted Bronson in achieving meaningful interest cost savings as a result of refinancing certain existing indebtedness enabling them to strengthen their mission.”
Ziegler is a premier investment bank to community and regional healthcare providers, and is the fourth-largest lead managing underwriter of healthcare issues, according to Thomson Financial Securities Data. For over 80 years, we have been assisting these organizations with creative, tailored financial solutions for their capital needs. Specializing in transactions that cover the broad spectrum of healthcare management – from hospitals, physician groups, managed care companies and senior living facilities to post-acute service organizations – Ziegler offers an array of services including investment banking, financial risk management, merger and acquisition services, as well as capital and strategic planning.
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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