Market Overview

Ziegler Closes $49.655 Million Financing for Masonic Homes of Kentucky

Share:

Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $49,655,000 tax-exempt, fixed-rate Series 2012 Bond issue for Masonic Homes of Kentucky (MHKY), a Ziegler client since 2008. MHKY is a Kentucky not-for-profit corporation which owns and operates three senior living campuses in Louisville, Shelbyville, and Taylor Mill, Kentucky. The Obligated Group consists of the campuses in Louisville and Shelbyville, including 400 personal care, assisted living, and skilled nursing units.

Chicago, IL (PRWEB) November 05, 2012

Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $49,655,000 tax-exempt, fixed-rate Series 2012 Bond issue for Masonic Homes of Kentucky (MHKY), a Ziegler client since 2008. MHKY is a Kentucky not-for-profit corporation which owns and operates three senior living campuses in Louisville, Shelbyville, and Taylor Mill, Kentucky. The Obligated Group consists of the campuses in Louisville and Shelbyville, including 400 personal care, assisted living, and skilled nursing units.

Ziegler served as the sole manager of the non-rated Series 2012 Bonds. Proceeds of the sale of the Series 2012 Bonds were used to currently refund the outstanding Series 2009 Bonds, the Series 2010 Bonds as well as other corporate debt, fund small projects on MHKY's Louisville and Shelbyville campuses, fund a debt service reserve fund, and pay for certain costs of issuance. The refunding also allowed MHKY to create an Obligated Group with a select potion of its operations as well as to release over $14 million of cash and investments that were used as collateral for its prior bonds.

Tom Meyers, Managing Director in Ziegler's Senior Living practice, commented, “The primary use of this offering was to create permanent financing for the Sam Swope Care Center, a unique and innovative 136 unit replacement nursing care center which opened in early 2011. This financing was executed at historically low long-term interest rates, and it provides long-term capital stability and value to Masonic Homes of Kentucky.” 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.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/11/prweb10095182.htm

View Comments and Join the Discussion!