Ziegler Closes $17.63 Million Valley Vista Care Corporation Financing
CHICAGO–Ziegler, a specialty investment bank and one of the nation’s leading underwriters of financing for not-for-profit senior living providers, has announced the successful closing of the $17,630,000 Series 2017A&B financing for Valley Vista Care Corporation, a long-standing Ziegler client.
Valley Vista Care Corporation (the Corporation) and Valley Community Housing Corporation (VCHC), are Idaho not-for-profit corporations and organizations described under Section 501(c)(3) of the Internal Revenue Code of 1986. The Corporation and VCHC are the sole members of the Obligated Group. The Obligated Group operates 147 skilled nursing and skilled behavioral care beds, 59 assisted living units and 35 units for residents with mental illness and developmental disabilities.
The Obligated Group will use the proceeds from the sale of the Series 2017A Bonds and other available funds to (i) refund the Prior Bonds, (ii) fund improvements to the Sandpoint and St. Maries campuses, (iii) fund the Reserve Fund established under the Bond Indenture, and (iv) pay certain expenses incurred in connection with the issuance of the Bonds. The corporation will use the proceeds from the sale of the Series 2017B Bonds and other available funds to (i) refinance the Prior Loan, (ii) pay certain expenses incurred in connection with the issuance of the Bonds.
“Our mission to serve some of the most underserved groups has never been more difficult with the many challenges and uncertainties we face in the current healthcare climate,” said Valley Vista CEO Sandy Kennelly. “Fortunately, having access to tax exempt bond financing that allows us to renovate and improve our facilities will keep us vital in the communities we serve without placing unsustainable strain on our resources. Partnerships like the one we have forged over many years with Ziegler are crucial. Their guidance, encouragement, and advocacy are a true blessing.”
“Valley Vista does some of the hardest work we see in our industry, caring for those with traumatic
brain injury and behavioral health issues in addition to frail seniors in need of skilled care. It is a
great pleasure to help them take the next step in improving their communities and creating spaces in which their residents can flourish,” added Mary Muñoz, managing director in Ziegler’s senior living practice.