Chicago, IL (PRWEB) November 18, 2014
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the non-rated, fixed-rate $ 32,800,000 Tax-Exempt Series 2014A and $ 260,000 Taxable Series 2014B Bonds (collectively the Bonds) for the Sierra Winds Life Care Community Project (Sierra Winds), a long-standing Ziegler client.
Arizona Retirement Centers (ARC) is an Arizona not-for-profit corporation incorporated in 1984 for the purpose of providing housing, health care and financial security to satisfy the primary needs of elderly persons. ARC owns and operates Sierra Winds, a life care continuing care retirement community that provides residents with individual use of a private apartment, supportive services and amenities, and health care services if a resident is no longer capable of living independently. Sierra Winds owns and operates a 310-unit Type A life care community on a 20-acre campus in Peoria, Arizona, northwest of downtown Phoenix, with 6 studio residences, 72 one-bedroom residences, 162 two-bedroom residences, and 70 skilled care beds, 18 of which are Medicare-certified. Sierra Winds is currently managed by Life Care Services.
Sierra Winds will use the proceeds of the sale of the Bonds and other available funds to (i) currently refund $ 26,860,000 of outstanding Series 1999 Bonds, (ii) finance certain improvements to and rehabilitation of the community, (iii) fund a debt service reserve fund, and (iv) pay certain expenses incurred in connection with the issuance of the Bonds.
The 2014 Bonds were structured to extend the existing final maturity from 2032 to 2040, creating capacity to fund nearly $ 6 million in new money without increasing annual debt service. An additional $ 900,000 of capital expenditure funds were generated through breakage of two non-transferable investment contracts related to the Series 1999 Bond funds. Ziegler served as co-managing underwriter on the original Series 1988 financing to construct Sierra Winds, and as sole managing underwriter on the Series 1999 Bonds now being refunded.
This transaction marks a 26-year relationship between Sierra Winds and Ziegler, spanning evolution of this community from a start-up to a mature campus. It is an honor for us to help Sierra Winds now take the next step — generating capital to refurbish the community and launch it forward for a new generation of seniors, commented Mary Mu