Ziegler Closes $63 Million Financing for Southwest General Health Center
January 09 2012 - 3:45PM
Marketwired
Ziegler, a specialty investment bank, is pleased to announce the
successful closing of a $63,045,000 tax-exempt, fixed-rate
financing for Southwest General Health Center (Southwest General).
Southwest General Health Center is a non-profit 358-registered bed
acute care hospital facility located in Middleburg Heights, Ohio.
At the time of issuance, the securities were rated 'A2' by Moody's.
Founded in 1920 by the citizens of the surrounding communities,
Southwest General has a rich history of community partnership and a
deep commitment to providing a healthy future for the patients,
families and communities it serves. As stated by Moody's, the 'A2'
rating "reflects Southwest's leading market position, continued
strong and improved operating performance through nine months of
FY2011 despite low revenue growth, and maintenance of a strong
balance sheet."
Ziegler served as the lead underwriter of the tax-exempt
fixed-rate Series 2011 Bonds. Maturing in 2041, the Series 2011
Bonds were issued with both new money and refunding components.
With an average coupon of 5.19%, the Series 2011 Bonds were priced
at a coupon of 5.25% and a yield of 5.32% with a spread of 1.56% to
MMD in 2041. The investor interest in the transaction was abundant
with bonds being placed with 20 different institutional accounts
and over $7.6 million being placed with several retail accounts.
Proceeds of the sale of the Series 2011 Bonds will be used to fund
a portion of the cost of the project, current refund the $21.23
million Series 1995 Bonds and pay for the costs of issuance. The
project consists of the construction of a new 30,000 square foot
emergency department, the expansion and reallocation of critical
care beds, repurposing of the existing emergency department and the
construction of a 300-car patient/visitor parking garage.
For over 80 years, Ziegler has been assisting hospitals and
healthcare organizations with creative, tailored financial
solutions for their capital needs. Ziegler offers its healthcare
clientele an array of services including investment banking,
financial risk management, merger and acquisition services as well
as capital and strategic planning. Scott Winter, Managing Director
at Ziegler, states, "I am particularly satisfied with the outcome
of this financing for such an important client. In a period of
tremendous volatility, industry uncertainty, and evolving financial
products, I am pleased that Ziegler was able to obtain attractive
long-term interest rates and favorable security provisions in a
risk-mitigating structure."
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.
Christine McCarty 312 596 1617 Email Contact
Ziegler Companies (CE) (USOTC:ZGCO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ziegler Companies (CE) (USOTC:ZGCO)
Historical Stock Chart
From Jul 2023 to Jul 2024