...Shiloh has been a great client of Ziegler and we look forward to continuing the relationship...
Chicago, IL (PRWEB) February 23, 2017
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $4,500,000 Series 2016 financing for Shiloh Missionary Baptist Church, Saint Paul, Minnesota.
Shiloh Missionary Baptist Church began in 1967 in a facility that was originally constructed in 1909. The church’s first facility included a 350-seat sanctuary, offices and classrooms and was located on one acre at 860 Hague Avenue, Saint Paul, Minnesota. In 2007, the church moved into its current, newly completed 12,000 square foot facility, including an 850-seat sanctuary and offices on 3.5 acres at 501 West Lawson Avenue. The church utilized both locations for ministry operations, before it sold the Hague Avenue property in 2015. Reverend Steve Daniels, Jr. has been the senior pastor since 1991 and under his leadership, the church continues to grow with current average weekly worship attendance at 624. In the continuing effort to add to its worship experience, the church recently updated its website to begin its media ministry, including live-streaming of morning worship services and other special events.
In October 2006, Ziegler underwrote a $3,500,000 Bond issue for the church. The net proceeds from the sale of the 2006 Bonds were used to retire then existing debt and to pay the costs of constructing the current facility at the Lawson Avenue location. A portion of the net proceeds of the 2016 Series Bonds were used to refinance the 2006 Bonds, which lowered the average coupon from 7.14% to 5.74% and produced a net savings of approximately $447,000 over the remaining 15 years of the 2006 Bonds’ amortization. A small portion of the net proceeds from the sale of the 2016 Bonds were also used to retire an outstanding bank note used to pay the costs of completing ancillary construction related to the 2006 project at Lawson Avenue.
In addition to the refinancing, a portion of the proceeds from the sale of the 2016 Series Bonds will be used to pay the costs of constructing a building addition to the current facility, which upon full completion will include approximately 10,000 square feet of finished floor space consisting of administration offices, a nursery, new bathrooms, dining and youth spaces.
“Ziegler has been a long-standing partner with Shiloh Missionary Baptist Church as we have grown and developed over the years. When our recent growth demanded action, Ziegler stepped up and assisted the church resulting in a ministry expansion project. Our partnership with Ziegler has been extremely rewarding and we would highly recommend the Ziegler team as your funding source when planning your next project,” commented, Dr. Steve Daniels, Jr., Senior Pastor.
“Over the last couple of years, the church started to outgrow its facility that Ziegler helped finance in 2006. In early 2016, church leadership moved forward with the planning of an additional 10,000 square feet of facility space to accommodate its growth. In addition, we were able to refinance the 2006 series bonds into a much lower interest rate and were able to close on the transaction before year end. Shiloh has been a great client of Ziegler and we look forward to continuing the relationship,” stated Dave Schlosser, Managing Director in Ziegler’s religion finance practice.
Since our first financing in 1913, Ziegler has become a recognized leader in providing creative, tailored solutions to religious and educational institutions. Focusing on multidenominational places of worship, charter schools and K-12 private schools, Ziegler offers long-term, fixed-rate financing, tax-exempt financing and short-term, variable rate financing.
For more information about Ziegler, please visit us at http://www.ziegler.com.
Ziegler is a privately held investment bank, capital markets, wealth management and proprietary investments firm, celebrating its 115th anniversary this year. Ziegler is ranked No. 1 in the country in healthcare/senior living underwriters by issuance and No. 4 by par amount (Thomson Reuters, 2016), and is ranked in the top 20 municipal underwriters in the country by volume (Bloomberg, 2016). Specializing in the healthcare, senior living, education and religion sectors, as well as general municipal and structured finance enables Ziegler to generate a positive impact on the communities it serves. Headquartered in Chicago with regional and branch offices throughout the United States, Ziegler provides its clients with capital raising, strategic advisory services, equity and fixed income sales & trading, wealth management and research. To learn more, visit http://www.ziegler.com.
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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