SOURCE: Ziegler


December 15, 2011 13:57 ET

Ziegler Closes $12 Million Financing for Shell Point Retirement Community

CHICAGO, IL--(Marketwire - Dec 15, 2011) - Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $12,065,000 fixed-rate bond issue for Shell Point Retirement Community. Shell Point Retirement Community is a Type-A CCRC located in Ft. Myers, Florida and is rated "BB" with a stable outlook by Standard & Poor's.

The Shell Point Obligated Group consists of The Christian and Missionary Alliance Foundation, Inc., d/b/a Shell Point (Shell Point), and The Alliance Community for Retirement Living, Inc. (Alliance). Shell Point and Alliance are each Florida non-profit corporations incorporated in 1967 and 1954, respectively. The Obligated Group ranks #26 on the LeadingAge Ziegler 100, a list of the largest not-for-profit senior living providers in the nation.

Shell Point owns and operates Shell Point Retirement Community, located predominately on two sites in Ft. Myers: 1) a 75-acre island in the Caloosahatchee River near the point where it empties into the Gulf of Mexico (the Island), and 2) a 150-acre campus (the Woodlands) located approximately one mile inland from the Island. Shell Point is the largest CCRC in the state of Florida. Alliance owns and operates a Type-B retirement community located on a 25-acre tract in DeLand, Florida.

Proceeds of the Series 2011B Bonds will be used to refund a portion of the outstanding Series 2002 variable rate demand bonds; reimburse Shell Point approximately $6 million for previous capital expenditures; establish a debt service reserve fund; and pay a portion of the costs of issuance. In a separate but simultaneous transaction, proceeds of the Series 2011A Bonds will be used to refund all of the outstanding Series 1999B variable rate demand bonds and the remaining portion of the Series 2002 Bonds. The Series 2011A Bonds represent a $35 million Non-Bank Qualified Tax-Exempt Note directly placed with a financial institution.

Serving as sole manager for the Series 2011B Bonds, Rich Scanlon, Managing Director in Ziegler's Senior Living practice stated this about the transaction, "The capital markets reward consistency of performance and the ability to execute on plans. The commitment and focus of Shell Point's management allowed this community to navigate the turbulence associated with the recession and changes in the real estate market and maintain a high level of service. With oversubscription of the bonds on this issue, Shell Point was in high demand in the markets at issuance."

For further information on the structure and use of this issue, please see the Official Statement located on the Electronic Municipal Market Access system's Document Archive.

For more information about Ziegler, please visit us at

About Ziegler:

The Ziegler Companies, Inc. (PINKSHEETS: ZGCO) together with its affiliates (Ziegler) is a specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion and education finance, as well as corporate finance and FHA/HUD. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler creates tailored financial solutions including bond financing, advisory, private placement, seed capital, M&A, risk and asset management. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.

Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client's experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.

This communication does not constitute an offer to buy these securities. The offering is made only by the Official Statement and through an appropriately registered representative. The Series 2011 Bonds may not be appropriate for all investors. Market value and/or accrued interest will fluctuate during the period held, and, if sold prior to maturity, the yield received may be more or less than the yield calculated at the time of purchase. Discounted yields herein are gross yields to maturity. Discounted bonds may be subject to capital gains tax, rates of which will vary, so investors should consult their own tax advisor with regard to their personal tax situation. Interest on municipal bonds may be exempt from federal income tax but may be subject to tax for residents of certain states. For bonds designated AMT, taxes may exist for certain investors. Ziegler will sell these bonds on a principal basis.

The corporation or its officers, directors, stockholders, or members of their families may at times have a position in the securities mentioned herein and may make purchases or sales of these securities. Not all call or put information is identified in the description above. Please be sure to discuss any special features with your Financial Advisor before deciding whether to invest in these securities.

Contact Information