A Kentucky nonprofit with plans to renovate and reposition its skilled nursing facility in the town of Covington (Cincinnati MSA) turned to Ziegler to close a $48.7 million non-rated, fixed-rate bond issue. Incorporated in 1962, Kenton Housing has repositioned its facility several times before, most recently in 1992 when the 210-bed facility existing today was constructed on an 11-acre plot in Covington. Now, the company plans to spend upwards of $33.5 million to both renovate its existing building and construct a new senior care facility in the town of Elsmere, which will consist of 54 skilled nursing beds and 20 memory care units. Kenton Housing will transfer the CON for 34 licensed skilled nursing beds from the existing campus and will place into operation 20 new purchased beds. The first stabilized year of the project will be 2018. In addition, the new campus in Elsmere is large enough to accommodate future expansions, if Kenton Housing so chooses. The bonds will help fund the renovation project and new construction, refinance existing Series 2008 bonds, provide funded interest on the new money debt for 26 months, fund a debt service reserve fund and pay a portion of the issuance costs.
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