Ziegler Refinances California Community for $6.6M

by Jeff Shaw

SAN RAFAEL, Calif. — Ziegler, a specialty investment bank, has closed a $6.36 million BBB+ (Fitch) rated, tax-exempt Series 2015A and $275,000 Taxable Series 2015B bonds for the Aldersly Garden Retirement Community.

Aldersly was already a Ziegler client, with Ziegler serving as sole underwriter on the Series 2002 bonds.

Aldersly is a California not-for-profit corporation founded and incorporated in 1921 by Danish organizations as a retirement home serving the Danish-American communities in California and Nevada. The name Aldersly means “shelter for

the aging.”

Aldersly plans to use the proceeds of the sale of the bonds and other available funds to refund the outstanding Series 2002 bonds; finance or reimburse the costs of constructing, renovating, remodeling and equipping the facilities at Aldersly; fund a debt service reserve fund for the Series 2015A bonds; pay the remaining balance of the Help II loan; and pay certain costs of issuance. The 2015 bonds were structured to extend the existing final maturity from 2032 to 2040, creating capacity to fund $1.7 million in new money without increasing annual debt service.

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