LOUISVILLE, Ky. — Cain Brothers, an investment bank based in New York City, has arranged $49.9 million in bond financing for Christian Care Communities (CCC), a faith-based, nonprofit operator based in Louisville.
CCC operates seniors housing communities in 11 cities in Kentucky, providing services including assisted living, independent living, skilled nursing, memory care, short-term rehabilitation, home healthcare and adult daycare.
The Series 2016 bond financing consists of $36.7 million of tax-exempt direct purchase bonds and $13.2 million of taxable term loans, plus a $1.5 million line of credit. Two commercial banks purchased and provided all debt.
Proceeds from the financing were primarily used to refinance all of CCC’s outstanding debt, including four series of public bonds, 12 capital leases and five lines of credit. The financing also funded $1.8 million of renovation projects, $3 million of reimbursement for prior capital expenditures and $4 million of working capital funds.