Ziegler is pleased to announce the successful pricing
Carolina Meadows' $76,170,000 Series 2024 Bonds (the "Bonds").
CHICAGO, July 11,
2024 /PRNewswire-PRWeb/ -- Ziegler is pleased to
announce the successful pricing Carolina
Meadows' $76,170,000 Series
2024 Bonds (the "Bonds").
"Carolina
Meadows' is a premier life plan community in our industry.
We are proud to have been part of the team in moving this project
forward and the attractive financing..," stated, Tad Melton, Managing Director, Ziegler Senior
Living Finance.
Carolina Meadows, Inc.
(Carolina Meadows) is a North Carolina nonprofit that was incorporated
in 1983 to develop, own and manage a life plan community located in
Chatham County, North Carolina,
just south of Chapel Hill. At
present, Carolina Meadows includes a
total of 632 units, comprised of 476 independent living units, 78
assisted living units (95 beds in operation) and 78 skilled nursing
units (86 beds in operation). This unit complement ranks
Carolina Meadows as the 20th largest
nonprofit single-site life plan communities in the U.S.,
according to the 2023 LeadingAge-Ziegler 200.
Carolina Meadows plans to
develop, own and operate a replacement nursing facility that will
total approximately 122,000 square feet (the "Project"). The
Project will be a progressive new care model for Carolina Meadows to include a total of 90 beds,
comprised seven 12-person households with the possibility of
dual-occupancy in one unit in six of the households. Each unique
household is designed to resemble a "real home," to include a
living room, kitchen, den and direct access to outdoor spaces. Upon
completion of the Project, which is expected in April 2026, Carolina
Meadows will transfer residents from their existing health
center to the new health center.
The Series 2024 Bonds are rated BBB+ (stable outlook)
by Fitch Ratings and will be issued through the North Carolina
Medical Care Commission. Proceeds of the Bonds, together with other
available funds, will be used to, (1) finance the costs of the
Project, (2) fund a portion of interest on the Bonds and (3) pay
certain expenses incurred in connection with the issuance of the
Bonds. The Bonds have a final maturity of 30-years with a wrapped
debt service structure resulting in a weighted average maturity of
20.91 years and an overall yield to maturity of 4.67%.
"Carolina Meadows' is a premier
life plan community in our industry. We are proud to have been part
of the team in moving this project forward and the attractive
financing terms demonstrate the strength of the current bond market
and the high quality of Carolina
Meadows credit profile," stated, Tad Melton, Managing
Director, Ziegler Senior Living Finance.
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, www.ziegler.com
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SOURCE Ziegler