Ziegler has closed $116.1 million of Series 2021 bonds for Methodist Retirement Communities (MRC), a not-for-profit based in Texas which currently owns and operates 13 seniors housing communities throughout the state. Once the bonds are closed, two communities will join four MRC-affiliated communities currently comprising the MRC Obligated Group. Proceeds of the bonds, which are being privately placed with Truist Bank and Hancock Whitney Bank, will be used to refinance the existing indebtedness of the two communities.
Ziegler implemented a “Cinderella” refunding structure where Series 2021 taxable bank bonds (which convert to tax-exempt bonds at the first call date) advance refunded the Series 2014 bonds and existing bonds of one of the non-Obligated Group properties, allowing both communities to be brought into the MRC Obligated Group. MRC is no stranger to working with Ziegler, as the not-for-profit has closed nine fixed rate bond issues with the investment bank over the last decade.
