Ziegler Closes $92.42 Million Community Foundation of Northwest Indiana (CFNI) Financing

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Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $92,420,000 tax-exempt, fixed-rate, Community Foundation of Northwest Indiana’s (CFNI) Series 2016 Bond issue through the Indiana Finance Authority. CFNI, rated “A+” by Standard & Poor’s after an upgrade for the Series 2016 issue and “A+” by Fitch, operates three not-for-profit hospitals encompassing over 800 beds and a continuing care retirement community while generating over $1 billion in operating revenue.

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Ziegler was delighted to assist its longtime client with this critical financing transaction that generated significant refunding savings to offset most of the new leverage that facilitates continued strong top line revenue growth at CFNI...

Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $92,420,000 tax-exempt, fixed-rate, Community Foundation of Northwest Indiana’s (CFNI) Series 2016 Bond issue through the Indiana Finance Authority. CFNI, rated “A+” by Standard & Poor’s after an upgrade for the Series 2016 issue and “A+” by Fitch, operates three not-for-profit hospitals encompassing over 800 beds and a continuing care retirement community while generating over $1 billion in operating revenue.

Ziegler served as the sole manager of the Series 2016 Bond issue that refunded the outstanding portion of CFNI’s Series 2007 Bonds and a Series 2013 private placement. Additionally, the financing included $30 million of project financing that is planned to be utilized primarily to fund a new outpatient facility in Crown Point, Indiana. The transaction generated significant debt service savings on the refunded Series 2007 and 2013 Bonds. In conjunction with the Series 2016 financing, Ziegler assisted senior management on a matched maturity private placement refunding of a taxable private placement that generated additional aggregate debt service savings and does not create any renewal risk. CFNI moved decisively to take advantage of a historically attractive interest rate environment pre-Presidential election leveraging its surging credit profile to lock in a very low all-in cost of capital.

Mary Ann Shacklett, Senior Vice President and Chief Financial Officer at CFNI stated, “Working with Mike Quinn really made a difference in achieving our upgrades and providing guidance in moving forward with this financing at the most beneficial time. Mike presented our healthcare system in an advantageous way by preparing strategic analyses to back up our position. Mike is a great partner along with the Ziegler team!”

Mike Quinn, Managing Director in Ziegler's Healthcare Finance practice, commented, “Ziegler was delighted to assist its longtime client with this critical financing transaction that generated significant refunding savings to offset most of the new leverage that facilitates continued strong top line revenue growth at CFNI. The organization epitomizes what a strong regional health system ought to look like. CFNI’s senior management team has produced a strong and growing financial position and credit profile that is reflected in its recent and unsurpassed ratings history which includes four rating upgrades in the last six years.”

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 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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Leslie Weir
Ziegler
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