Ziegler closed tax-exempt bond financing for Wisconsin Illinois Senior Housing, Inc. (WISH) to refinance its prior debt. The financing is comprised of approximately $22.46 million of bonds directly purchased by BMO Harris Bank, along with a $1.531 million taxable term loan.
Proceeds of the bonds and the bank debt will be used to refinance WISH’s outstanding Series 2018B (taxable), 2018C, 2018D, 2019A (taxable), and 2019B bonds in an aggregate amount of approximately $23.5 million. In addition, WISH can cover an associated prepayment penalty, and pay costs of issuance. The Series 2022 bonds were issued through the Wisconsin Health and Educational Facilities Authority.
WISH is an Illinois not-for-profit corporation organized in 1994 that currently owns and operates eight skilled nursing facilities with a total of 487 licensed beds, 10 assisted living facilities with a total of 300 licensed beds, and one 24-unit independent living community. All of WISH’s facilities, which are located across fifteen different campuses, are located in rural areas of Wisconsin except for one facility located in a northwestern suburb of Chicago, Illinois. Since its inception, all of WISH’s facilities have been managed by Carriage Healthcare Companies, Inc.
