CHICAGO — Ziegler, a Chicago-based specialty investment bank, has arranged $142.6 million in bond financing for Presbyterian Retirement Communities (PRC).
PRC is a nonprofit corporation originally chartered in 1954 in the state of Florida and has communities throughout Florida. PRC and its affiliates are a part of Westminster Communities of Florida and constitute the largest group of continuing care communities (CCRCs) in Florida with a total of 3,643 units. According to the 2022 LeadingAge Ziegler 200 Report, PRC and its affiliates are the 11th largest nonprofit operator of senior living units in the United States.
Proceeds of the bonds, along with other available funds, will be used to refund the outstanding principal amount of 2016 onds, pay interest expense due on Aug. 1 and pay the closing costs and cost of issuance.
The Orange County Health Facilities Authority will issue the bonds, which have a final maturity of 24 years, a weighted average maturity of 17 years and an overall yield to maturity of 3.35 percent.
This execution resulted in annual debt service savings of approximately $1.7 million per year from 2024 to 2047. Total savings are projected to be $42 million through 2047.
“The capital market climate has changed dramatically over the last 15 months and the yield that we locked in as a forward refunding in January 2022 could not be achieved today,” says Rob Gall, director, Ziegler Investment Banking.
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