Ziegler Closes $12 Million Financing for Shell Point Retirement Community
December 15 2011 - 1:57PM
Marketwired
Ziegler, a specialty investment bank, is pleased to announce the
successful closing of a $12,065,000 fixed-rate bond issue for Shell
Point Retirement Community. Shell Point Retirement Community is a
Type-A CCRC located in Ft. Myers, Florida and is rated "BB" with a
stable outlook by Standard & Poor's.
The Shell Point Obligated Group consists of The Christian and
Missionary Alliance Foundation, Inc., d/b/a Shell Point (Shell
Point), and The Alliance Community for Retirement Living, Inc.
(Alliance). Shell Point and Alliance are each Florida non-profit
corporations incorporated in 1967 and 1954, respectively. The
Obligated Group ranks #26 on the LeadingAge Ziegler 100, a list of
the largest not-for-profit senior living providers in the
nation.
Shell Point owns and operates Shell Point Retirement Community,
located predominately on two sites in Ft. Myers: 1) a 75-acre
island in the Caloosahatchee River near the point where it empties
into the Gulf of Mexico (the Island), and 2) a 150-acre campus (the
Woodlands) located approximately one mile inland from the Island.
Shell Point is the largest CCRC in the state of Florida. Alliance
owns and operates a Type-B retirement community located on a
25-acre tract in DeLand, Florida.
Proceeds of the Series 2011B Bonds will be used to refund a
portion of the outstanding Series 2002 variable rate demand bonds;
reimburse Shell Point approximately $6 million for previous capital
expenditures; establish a debt service reserve fund; and pay a
portion of the costs of issuance. In a separate but simultaneous
transaction, proceeds of the Series 2011A Bonds will be used to
refund all of the outstanding Series 1999B variable rate demand
bonds and the remaining portion of the Series 2002 Bonds. The
Series 2011A Bonds represent a $35 million Non-Bank Qualified
Tax-Exempt Note directly placed with a financial institution.
Serving as sole manager for the Series 2011B Bonds, Rich
Scanlon, Managing Director in Ziegler's Senior Living practice
stated this about the transaction, "The capital markets reward
consistency of performance and the ability to execute on plans. The
commitment and focus of Shell Point's management allowed this
community to navigate the turbulence associated with the recession
and changes in the real estate market and maintain a high level of
service. With oversubscription of the bonds on this issue, Shell
Point was in high demand in the markets at issuance."
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
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.
This communication does not constitute an offer to buy these
securities. The offering is made only by the Official Statement and
through an appropriately registered representative. The Series 2011
Bonds may not be appropriate for all investors. Market value and/or
accrued interest will fluctuate during the period held, and, if
sold prior to maturity, the yield received may be more or less than
the yield calculated at the time of purchase. Discounted yields
herein are gross yields to maturity. Discounted bonds may be
subject to capital gains tax, rates of which will vary, so
investors should consult their own tax advisor with regard to their
personal tax situation. Interest on municipal bonds may be exempt
from federal income tax but may be subject to tax for residents of
certain states. For bonds designated AMT, taxes may exist for
certain investors. Ziegler will sell these bonds on a principal
basis.
The corporation or its officers, directors, stockholders, or
members of their families may at times have a position in the
securities mentioned herein and may make purchases or sales of
these securities. Not all call or put information is identified in
the description above. Please be sure to discuss any special
features with your Financial Advisor before deciding whether to
invest in these securities.
Contact: Christine McCarty 312 596 1617 Email Contact
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