FORT WORTH, TX - Ziegler, a specialty investment bank, announced the successful closing of the $26,205,000 tax-exempt, fixed-rate, Series 2016 Bonds for Christian Care Centers, Inc., a long-standing Ziegler client.
Christian Care Centers, Inc. (CCC or the Corporation), is a Texas not-for-profit organization formed in 1947. Since its inception, the Corporation has been associated with the Church of Christ through affiliations with individual Church of Christ congregations throughout Texas and adjoining states.
CCC currently operates two retirement communities (i) Christian Care Senior Living Community-Mesquite in Mesquite (the Mesquite Campus) and (ii) Lakewood Village Senior Living Community in Fort Worth (the Fort Worth Campus). The Mesquite Campus is located on approximately 47 acres and includes 80 entrance fee independent living apartments; 149 rental independent living apartments; 105 assisted living units; and 175 nursing beds. The Fort Worth Campus is located on approximately 50 acres and includes 156 rental independent living apartments; 34 assisted living units; and 48 nursing beds.
The Corporation is in the process of completing construction of a rental community in Allen, Texas called Christian Care Senior Living Community-Allen (the Allen Campus). It is anticipated that the Allen Campus will be open in May 2016. The Allen Campus will be located on five acres and consist of 22 independent living units; and 32 assisted living units including 36 memory support units.
The Series 2016 Bonds are rated BBB- by Fitch Ratings. Proceeds will be used to currently refund the outstanding Series 2005 Bonds. Net present value savings amount to $3.95 million or 13.9%. The yield to maturity of the issue is 3.77%. The Series 2016 Bonds are being issued on a parity basis with the Series 2014 Bonds.
“Ziegler has enjoyed its role as a strategic partner to Christian Care since the early 1990’s. We were fortunate that a low point in the interest rate cycle coincided with the first call date on CCC’s Series 2005 Bonds which had previously been advance refunded. The working group worked efficiently to complete a current refunding of the Series 2005 Bonds which will generate annual debt service savings of over $300,000 through 2035,” commented, Rich Scanlon, Managing Director in Ziegler’s Senior Living Finance practice.
“Christian Care Centers is very pleased with the efforts of the Ziegler team on our behalf to produce such a successful refunding! The diligent efforts of both our staff and the Ziegler team coupled with a very good market made the project work in our favor,” stated, Phil Elmore, President/CEO Christian Care Senior Living Communities.