Ziegler Closes $34.5 Million Financing for Church Home of Hartford d/b/a Seabury
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the
In 1992, the Obligor established Seabury, an interfaith, active Type-A continuing care retirement community in
Proceeds of the Series 2015A Bonds will be used to currently refund two outstanding bank loans, terminate an existing interest rate swap, provide reimbursement for previous capital expenditures, fund the first phase of a multi-phase repositioning strategy, fund a debt service reserve fund and pay a portion of the costs of issuance for the Bonds. Fitch Ratings assigned a rating of BB (stable) to the Series 2015A Bonds.
The first phase of the repositioning will include an extensive renovation and expansion to the main building on the Seabury campus including a new front entrance and expanded lobby, renovated reception and security areas, administrative/marketing suite renovations, a new human resources suite, new accounting suite, renovated lounge, kitchen renovation and expansion of existing private dining room, and additional parking among other campus improvements.
It is currently anticipated that a subsequent financing may occur late in 2015 to fund additional phases of development consisting of approximately 65 new independent living units, a new health care building expansion with additional skilled nursing beds and assisted living units, a chapel, and a new space for Seabury's community outreach service, as well as other renovations. The potential subsequent financing will total approximately
Ziegler is one of the nation's leading underwriters of financing for not-for-profit senior living providers. Ziegler offers creative, tailored solutions to its senior living clientele, including 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.
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:
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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