Ziegler announced the closing of Sunset Manor Inc.’s $52.1 million Series 2024A and Series 2024B bonds through the Public Finance Authority. Sunset Manor is a 501(c)(3) organization that owns and operates four facilities in Jenison, Grandville and Grand Haven, Michigan. The bonds consist of four sub-series: $20.7 million in revenue refunding bonds (Series 2024A-1), $6 million in revenue bonds (Series 2024A-2), $20.4 million in revenue refunding bonds (Series 2024B-1) and $5 million in revenue bonds (Series 2024B-2). The proceeds of the Series 2024 bonds will be used to refinance its existing debt, finance $11 million for capital expenditures, and pay for costs of issuance associated with the financing.
Two banks were used to deliver the capital for the 2024 financing, including West Michigan Community Bank on the Series 2024A-1 and A-2 bonds and ChoiceOne Bank on the 2024B-1 and B-2 bonds, a new lender to Sunset. Ziegler also served as swap advisor on a swap termination as well as on a new trade. Ziegler has served Sunset Manor four times prior to the July 2024 transaction with a total par of $94.09 million since 1995. The Series 2024 bonds represents Ziegler’s fifth financing for Sunset Manor. Tom Meyers, Jason Choi, Jeff Sturla and Scott Determan of Ziegler handled the transaction.
