ZIEGLER CLOSES FINANCING FOR THE GIVENS OBLIGATED GROUP
CHICAGO, Oct. 30, 2026 /PRNewswire/ -- Ziegler is pleased to announce the successful pricing of $90,000,000 Series 2026 Bonds for the Givens Obligated Group.
The Givens Obligated Group currently owns and operates two CCRC that combined operate 966 total residences. Givens Estates Community (opened in 1979 in Asheville, NC) currently operates 478 independent living, 42 assisted living and 60 skilled nursing residences. Givens Highland Farms Community (opened in 1971 in Black Mountain, NC purchased by Givens in 2012) currently operates 331 independent living and 55 skilled nursing residences. Both communities are CARF accredited and the Givens Obligated Group.
Proceeds of the Series 2026 Bonds will be used to (a) reimburse/fund the addition of 63 independent living residences at Givens Highland Farms, (b) fund the acquisition of a newly acquired building to be used at the Corporation's corporate offices, (c) fund approximately $45.3 million of pre-development costs and early construction activities associated with planned additional independent living residences and health services renovations, and (d) cover costs incurred with the issuance of the bonds.
The Series 2026 Bonds are rated 'A-' with a negative outlook by Fitch Ratings and are being issued through the North Carolina Medical Care Commission. The Series 2026 Bonds have a 35-year final maturity with a wrapped debt service structure that results in a weighted average maturity of 26.04 years and a blended yield to maturity of 5.69%. In addition, Ziegler was able to implement aggressive call provisions of 6-years at 102%, down to par in 10-years.
"We are proud and honored to work with Givens. Through strong leadership, thoughtful planning and close collaboration, Givens successfully navigated a volatile market to achieve a successful financing outcome. Givens' management team, with the guidance of Pearl Creek Advisors, demonstrated these qualities throughout the process. We are pleased to have helped bring this $90 million financing to a successful conclusion, providing resources to advance the organization's strategic capital initiatives and support continued growth. We look forward to continuing to work with Givens as the organization pursues an exciting future," stated, Tommy Brewer, Managing Director, in Ziegler's Senior Living Finance Practice.
Ziegler is the nation's leading underwriter of financing for not-for-profit senior living providers.1 Ziegler offers creative, tailored solutions to its senior living clientele, including investment banking, financial risk management, merger and acquisition services, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication.
For more information about Ziegler, please visit us at www.ziegler.com.
1 Based on full credit given to senior managers of lead-managed underwriting principal volume for senior living transactions completed nationally. Rankings and amounts through LSEG data as of 9/30/26. Note: For-profit bond financings are excluded. |
About Ziegler:
Ziegler is a privately held, national boutique investment bank, capital markets, and proprietary investments firm. It has a unique focus on healthcare, senior living, and education sectors, as well as general municipal and structured finance. Headquartered in Chicago with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, strategic advisory services, fixed income sales, underwriting and trading as well as Ziegler Credit Surveillance and Analytics. To learn more, visit www.ziegler.com.
Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client's experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.
SOURCE Ziegler
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