Horizon was extremely pleased with the result of the financing. We could have not asked for a better outcome or more smoothly run process. There is simply no way this transaction could have occurred let alone with such a positive outcome without Ziegler’s leadership and reputation in the market.
January 12, 2018
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the Horizon House Project $75,000,000 Series 2017 Bonds.
Horizon House, is a Washington nonprofit corporation and 501(c)(3) organization that was established in 1961 to develop, own and operate senior living communities. Today, Horizon House owns and operates a continuing care retirement community adjacent to the downtown core of Seattle, offering 378 independent living apartments, 80 supported living (i.e., assisted living) apartments and 25 dementia care supported living apartments, to its more than 540 residents. Horizon House is affiliated with the Pacific Northwest Conference of the United Church of Christ.
Horizon House will use the proceeds of the Bonds, together with certain other moneys, to: (i) refund all of the $45,400,000 outstanding Series 2014A Bonds and refund all of the $11,100,000 outstanding Series 2014B Bonds; (ii) pay or reimburse the Borrower for the costs of the remodeling, renovation and equipping of the Borrower’s continuing care retirement community; (iii) pay fees resulting from the termination of certain interest rate hedge agreements; and (iv) pay certain costs of issuance of the Bonds. Ziegler assisted Horizon House in achieving a first-time rating on the Bonds of “BBB+” from Fitch. The Series 2017 Bonds are comprised of $75,000,000 in serial and term bonds which amortize through January…