Ziegler worked on behalf of St. Ann’s of Greater Rochester, a seniors housing and health services provider in the Rochester, New York area, to fund a campus-wide improvement project that started in 2015. The first phase involved the relocation of 34 post-acute rehabilitation beds from one facility to the ninth floor of its largest skilled nursing facility, St. Ann’s Community. Phase II will be comprised of a renovation to floors three through eight of St. Ann’s Community, and will result in a net-reduction of 96 beds.
Together with other available funds, St. Ann’s received $108.825 million in tax-exempt, fix-rate bonds to finance the project, capitalized interest, outstanding indebtedness of the Obligated Group and the termination of existing swaps, as well as to fund debt service and costs of issuance. The bonds are non-rated and were issued through the Monroe County Industrial Development Corporation with an aggregate yield to maturity of 4.297%. Ziegler secured aggressive call provisions, with the bonds callable in six years at a price of 103%, declining to par in nine years.
