Ziegler Closes $62 Million Financing for Episcopal Senior Communities
October 31 2011 - 4:12PM
Marketwired
Ziegler, a specialty investment bank, is pleased to announce the
successful closing of a $62,200,000 fixed-rate issue for Episcopal
Senior Communities (ESC). ESC is a California non-profit public
benefit corporation providing housing, related facilities, and
services for elderly persons on a non-profit, religious, and
charitable basis.
ESC was founded in 1965 with the opening of its first CCRC in
Pacific Grove. Today, ESC's obligated group is comprised of five
continuing care retirement communities in Northern California and
is rated BBB+ by Standard & Poor's.
The Series 2011 Bonds are being issued to 1) refinance the
outstanding Series 1998 Bonds and 2) fund the reimbursement of
approximately $10 million of capital expenditures related to the
planned repositioning and expansion of ESC's Spring Lake Village
CCRC. The refunding of the Series 1998 Bonds and maturity
extensions are part of an overall plan to reduce maximum annual
debt service in preparation for the Spring Lake Village Project
financing in 2012.
Ziegler is one of the nation's leading underwriters of financing
for non-profit senior living providers and offers 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. Mary Muñoz, Managing Director in Ziegler's
Senior Living practice, commented, "ESC is among the highest rated
and strongest multi-site senior living systems in the country. It
is an honor to help them take the next step toward achieving their
growth and redevelopment goals."
For further information on this issuer, please see the
Electronic Municipal Market Access system's Document Archive.
For more information about Ziegler, please visit us at
www.Ziegler.com.
About Ziegler:
The Ziegler Companies, Inc. (PINKSHEETS: ZGCO) together with its
affiliates (Ziegler) is a 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 finance, as well as corporate
finance and FHA/HUD. Headquartered in Chicago, IL with regional and
branch offices throughout the U.S., Ziegler creates tailored
financial solutions including bond financing, advisory, private
placement, seed capital, M&A, risk and asset management.
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.
Christine McCarty 312 596 1617 Email Contact
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