Ziegler is pleased to announce the successful closing of
Shenandoah Valley Westminster-Canterbury's $71,000,000 Series 2022A and 2022B Bonds for the Senior Living Finance
Practice.
CHICAGO, Aug. 13,
2022 /PRNewswire-PRWeb/ -- Ziegler is pleased to
announce the successful closing of Shenandoah Valley
Westminster-Canterbury's $71,000,000
Series 2022A and 2022B Bonds for the
Senior Living Finance Practice.
Shenandoah Valley Westminster-Canterbury (SVWC) is a
Virginia not-for-profit
organization that owns and operates a life plan community located
in Winchester, Virginia. SVWC was
founded in 1982 and provides housing, health care, and other
services to nearly 400 residents on its 87-acre campus through the
operation of 218 independent living units (164 apartments and 54
cottages), 48 assisted living units, 12 memory care units and 51
skilled nursing beds.
SVWC is completing an independent living unit expansion project
known as the Hackwoods, the first phase of which will include 48
new independent living unit apartments. To fund the first phase of
the project, SVWC issued two tranches of draw down bank loans that
were purchased by Atlantic Union Bank and Pinnacle Financial
Partners under a participation agreement:
- Series 2022A Long-Term Bond
($51,000,000): 12-year bank
commitment period at pricing of 79% of CME Term SOFR plus 1.10%. To
mitigate interest rate risk, SVWC worked with Ziegler Structured
Products to implement a 22-month forward starting swap through the
bank commitment period on the entire principal balance at an all-in
rate of 3.40%.
- Series 2022B Intermediate-Term Bond ($20,000,000): 4.5-year final maturity to be
repaid with initial entrance fees from the project at pricing of
79% of CME Term SOFR plus 1.10%. The Series 2022B Bank Bond has a final maturity that
provides an estimated 2-year cushion over the expected
fill-up/redemption schedule.
"I personally have had the privilege of working with Shenandoah
Valley Westminster-Canterbury for almost 20 years," said
Tad Melton, managing director. "Over
that time SVWC has grown into one of the strongest single site life
plan communities in the nation. The Series 2022 financing was
highly successful and demonstrated our teams' ability to offer
steady guidance in a volatile market environment, the
attractiveness of SVWC's sound financial profile and the ability of
its board and management team to achieve success in a dynamic time.
Working together, the outcome was yet another example of SVWC
growing and evolving and delivering on its mission and to its
residents. We were proud to be part of the team with such a strong
community and other strong outside advisers."
Ziegler is the nation's leading underwriter of financings 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, seed capital, FHA/HUD, capital and strategic
planning as well as senior living research, education, and
communication.
For more information about Ziegler, please visit us at
http://www.ziegler.com.
About Ziegler:
Ziegler is a privately held, national boutique investment bank,
capital markets and proprietary investments firm. It has a unique
focus on healthcare, senior living and education sectors, as well
as general municipal and structured finance. Headquartered in
Chicago with regional and branch
offices throughout the U.S., Ziegler provides its clients with
capital raising, strategic advisory services, fixed income sales,
underwriting and trading as well as Ziegler Credit, Surveillance
and Analytics. To learn more, visit http://www.ziegler.com.
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.
Media Contact
Christine McCarty, Ziegler,
3125961617, cmccarty@ziegler.com
SOURCE Ziegler