Ziegler announced the closing of Immanuel Living at Buffalo Hill’s $50.88 million Series 2025ABC bonds through the City of Kalispell, Montana. The Montana not-for-profit operates a senior care community in Kalispell, Montana, that is located on a 13-acre campus with 171 independent and assisted living units as well as 155 licensed skilled nursing and long-term care units (122 are currently in operation). This transaction marks the Corporation’s third financing with Ziegler.
The bonds are not rated, with a final maturity of May 15, 2060. Improved covenants are a highlight of the transaction through the implementation of an Amended and Restated Master Trust Indenture. The 2025A bonds are subject to optional redemption on May 15, 2032, at 103, declining to par in 2035.
The proceeds of the bonds, together with other available funds, will be used to fund the construction of a 39-unit IL expansion called the Lofts, a renovation of a Café, construction of a sky bridge connecting the Lofts to the existing campus, and development of 75 new parking spaces. The bonds will also be used to refinance certain maturities of their 2017A bonds, fund a portion of interest during construction, and fund certain costs of issuance.
