Ziegler was delighted to assist its longtime client led by Mr. Mentgen with the Series 2016 issuance. Regional West is a critically essential provider of care to its community. The financing provides cost effective, new debt capital...
Chicago, IL (PRWEB) January 17, 2017
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $68,470,000 tax-exempt, fixed-rate, Regional West Medical Center Series 2016A issue through the Hospital Authority No. 1 of Scotts Bluff County, Nebraska.
Regional West Medical Center (Regional West), rated “BBB+” by Fitch Ratings, operates a 166 acute care bed regional referral center hospital in Scottsbluff, Nebraska. Regional West is one of only three level II trauma centers in the State of Nebraska and provides trauma care to a four-state region encompassing eastern Wyoming, southern South Dakota, northern Colorado and western Nebraska.
Ziegler served as the sole manager of the Series 2016A Bond issue that refunded the outstanding portion of Regional West’s Series 2012A fixed-rate private placement and the Series 2012B variable rate private placement. The Series 2016A bonds include $25 million of project financing for multiple capital improvement projects on Regional West’s main campus. In conjunction with the Series 2016A financing, Medical Center restructured its Series 2013 fixed-rate placement that also included $5 million of additional new money proceeds with a local capital partner
“With this refinancing, we were able to substantially restructure our debt service to achieve a number of goals in the realignment of our capital structure which will help provide for Regional West’s future growth,” stated John Mentgen, President and Chief Executive Officer for Regional West Health Services.
Ziegler assisted management in obtaining an inaugural Fitch rating of “BBB+” compared to the Medical Center’s prior rating of “Baa2” by Moody’s despite new leverage. The overall plan of finance reduced the Medical Center’s maximum annual debt service by approximately $1 million and facilitated covenant relief. Ziegler also served as swap advisor on the termination of a fixed payer swap which further reduces the Medical Center’s capital structure risk going forward.
Mike Quinn, Managing Director in Ziegler's Healthcare Finance practice, commented, “Ziegler was delighted to assist its longtime client led by Mr. Mentgen with the Series 2016 issuance. Regional West is a critically essential provider of care to its community. The financing provides cost effective, new debt capital that assists the organization with its growth initiatives. The refunding component optimizes the organization’s debt portfolio eliminating all remaining capital structure risk.”
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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