Tom Meyers, Senior Managing Director, Ziegler Senior Living Finance added, “This represents Ziegler’s fifth time serving Redstone Presbyterian SeniorCare since 1989 and we tremendously value this long-standing relationship.
CHICAGO (PRWEB) Oktober 22, 2021
Ziegler, a specialty investment bank, is pleased to announce the successful closing of Redstone Presbyterian SeniorCare Obligated Group’s Series 2021 Bonds.
Redstone Presybterian SeniorCare (Redstone) is a Pennsylvania not-for-profit corporation that operates nearly 500 senior living units on three separate campuses, collectively referred to as Redstone Highlands, through Westmoreland County, Pennsylvania (located just east of Pittsburgh). In aggregate, Redstone’s three campuses are comprised of 310 independent living units, 133 assisted living units, and 77 skilled nursing beds. Redstone is also the parent company of multiple subsidiaries, including HHH Senior Specialist, a Pennsylvania not-for-profit corporation, which provides home health, home care, and hospice services within Redstone Highlands and the greater community of Westmoreland and Fayette counties in western Pennsylvania (also known as “Redstone@Home”). The Redstone Obligated Group consists of Redstone and Redstone@Home.
Redstone’s vision statement is “to be difference makers and world changers in one’s life plan”. The organization prides itself on its ability to create environments which focus on maximizing each resident’s physical, social, spiritual, emotional, and psychological wellbeing. Its three campuses provide opportunities for social interaction, personal growth, and community involvement.
Redstone’s $47.1 million capital structure is entirely comprised of bank debt whose commitment period expires in December, 2021. Redstone hired Ziegler to conduct a full-market bank search which provided several competitive bank alternatives with on-market business terms. After thoroughly assessing all of its capital options, Redstone decided to pursue a 100% public fixed interest rate bonds structure due to the exceptionally favorable, low current interest rate environment.
Proceeds of the Series 2021 Bonds will be used to refund Redstone’s outstanding Series 2013AB Bank Direct Placement Bonds held with Huntington Bank, finance a swap termination related to the Series 2013AB Bonds, fund a debt service reserve fund and pay for costs of issuance related to the financing. The Series 2021 Bonds were non-rated, and carry a yield to call of 2.82% and a blended weighted average yield to maturity of 3.25% for 26 years through 2047. The Series 2021 Bonds also have call provisions of 7 years @103%, declining to par in year 10. The Series 2021 Bonds will be Redstone Obligated Group’s only outstanding long-term debt secured by its Master Trust Indenture post issuance.
Mark Celigoi, Chief Financial Officer of Redstone stated, “We really appreciate the opportunity to work with Ziegler. Their team did a tremendous job on the financing which will solidify a strong financial footing for Redstone for years to come.”
Tom Meyers, Senior Managing Director, Ziegler Senior Living Finance added, “This represents Ziegler’s fifth time serving Redstone Presbyterian SeniorCare since 1989 and we tremendously value this long-standing relationship. The organization has grown substantially over the years and is a leading provider of care to seniors in Pennsylvania. Ziegler is proud to have served as a lead underwriter for this model organization.”
Ziegler is 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, 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.
Om Ziegler:
Ziegler er en privateid, nasjonal butikkinvesteringsbank, kapitalmarkeder og eget investeringsselskap. Det har et unikt fokus på helsevesen, eldreboliger og utdanningssektorer, samt generell kommunal og strukturert økonomi. Ziegler har hovedkontor i Chicago med regionale og avdelingskontorer i hele USA, og gir sine kunder kapitalinnsamling, strategiske rådgivningstjenester, rentesalg, forsikring og handel, samt Ziegler Credit, Surveillance og Analytics. For å lære mer, besøk http://www.ziegler.com.
Enkelte kommentarer i denne pressemeldingen representerer fremtidsrettede uttalelser i henhold til bestemmelsene i lov om reform av private verdipapirer i 1995. Denne kundens erfaring er kanskje ikke representativ for andre kunders opplevelse, og er heller ikke en indikasjon på fremtidig ytelse eller suksess. De fremtidsrettede uttalelsene er underlagt en rekke risikoer og usikkerheter, særlig den generelle økonomiske helsen til verdipapirindustrien, styrken til helsesektoren i den amerikanske økonomien og det kommunale verdipapirmarkedet, selskapets evne til å garantere og distribuere verdipapirer, markedsverdien av aksjefondporteføljer og separate kontoporteføljer som er anbefalt av selskapet, volumet av salg fra detaljhandlerne, resultatet av ventende søksmål og muligheten til å tiltrekke seg og beholde kvalifiserte ansatte.
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