Ziegler announced the closing of a $18.9 million fixed rate issuance for Sunset Retirement Communities.
Sunset is a 501(c)3 non-profit organization which was founded in 1871 as the Home for Friendless Women, providing care and housing for women with limited financial means and without family or friends to care for them.
Sunset currently operates two retirement communities located in the City of Toledo and Sylvania Township, which are comprised of 65 congregate apartments, 150 assisted living units, and 81 skilled nursing beds. Sunset has recently expanded its continuum of services with hospice and palliative care programs. The Series 2011 Bonds were issued to refund the outstanding Series 2000A Bonds and structured to match the maturity of Sunset’s refunded bonds. The refinancing saves Sunset Retirement Communities an average of $126,000 per year, which represents $1.35 million (7.27%) in net present value savings throughout the 19-year life of the Series 2011 Bonds. The Series 2011 Bonds are rated “A-” with a stable outlook by Fitch. In addition, Sunset is a new client for Ziegler.
“In the face of an ever changing operating environment, it was great to help Sunset deliver a slice of stability to its cash flows through 2030,” said Tom Meyers, Managing Director in Ziegler’s Senior Living practice. “The savings created by this financing will help add certainty to Sunset’s mission as it journeys forward in caring for the elderly of the Toledo area.”
Written by John Yedinak