Senior Living Newsletter
In this issue of Focus, we explore the highly anticipated "Silver Tsunami" senior growth wave. Are you ready for what comes with that wave?
We know that our innovative solutions are the result of not only our industry expertise, but also the depth of our resources. Our Healthcare Investment Banking and Corporate Banking teams are armed with the broadest array of financial tools in the sector. We understand how to navigate the toughest financial environments to generate results, while providing the guidance and support you require.
On May 18, 2017, BB&T Capital Markets priced a $19.1 million fixed rate bond financing (Series 2017A Bonds) for Aldersgate United Methodist Retirement Community, Inc. The bond proceeds will be used to refinance an existing bank loan and fund the remaining construction costs for the renovation of a community center. Simultaneously with the Series 2017A Bonds, Aldersgate has also obtained approximately $35 million in bank financing to fund the construction of 62 new independent living units and routine capital expenditures. Both transactionsclosed on May 31, 2017.
BB&T Capital Markets obtained the lowest 30-year fixed interest rate to date in 2017 for a non-rated Life Plan Community.
On October 19, 2016, BB&T Capital Markets closed a $27,110,000 Series 2016 Fixed Rate Bond Issue to retire Wesley Commons’ existing Series 2006 Fixed Rate Bonds.
BB&T worked with Wesley Commons and Ascension Capital Enterprises on the refinancing of Wesley Commons Series 2006 Bonds. The team decided to extend the maturity of the bonds by five years to create additional debt capacity. As pricing approached in early October, BB&T revised the bond structure to eliminate serial bonds in favor of a term bond with a premium structure, thus increasing the savings realized by Wesley Commons. Despite market turmoil on the day of pricing that caused the major market index to move up seven basis points, BB&T was able to successfully price the transaction without having to adjust interest rates. Wesley Commons ultimately received an all-in-cost of 4.59 percent and will save approximately $440,000 on an annual basis from 2017-2036 as a result of the refinancing.
On October 12, 2016, BB&T Capital Markets closed an $85,505,000 Series 2016 Fixed Rate Bond issue for LifeSpire of Virginia (“LifeSpire”). The proceeds will be used to retire LifeSpire’s existing Series 2006A and Series 2006C Fixed Rate Tax-Exempt Bonds as well as a taxable line of credit.
On June 30, 2015, BB&T Capital Markets closed a total bond issue of $55,650,000 in tax-exempt and taxable bonds for Crest View Senior Communities (Crest View). The bond proceeds will be used to finance the construction of a new campus and to create a new Obligated Group via a refinancing of existing debt.
On June 24, 2015, BB&T Capital Markets closed a $137,885,000 Series 2015 Fixed Rate Bond issue for Baptist Homes Society (BHS). The proceeds of the 2015 Bonds were used to refund the outstanding Series 2007 Variable Rate Demand Bonds (VRDBs).
On April 2, 2015, BB&T Capital Markets closed a $63,425,000 Series 2015A Fitch and S&P "A+" Rated Fixed Rate Bond issue, $23,550,000 Series 2015B Tax-Exempt Bank Loan, and $47,450,000 Series 2015C Tax-Exempt Bank Loan for The Moorings, Incorporated (The Moorings). The total proceeds will be used to retire The Moorings' existing Series 2000, 2005 and 2008 Variable Rate Demand Bonds and its Series 2010 Tax-Exempt Fixed Rate Bank Loan, and to fund a portion of the construction of the Moorings Park at Grey Oaks expansion project.
Including Hospitals, Clinics, Healthcare Provider Startups, Expansions, New Bed Towers, Replacement Facilities, Federally Qualified Health Centers
Life Plan Communities (CCRCs), Independent Living Facilities, Assisted Living Facilities, Skilled Nursing Homes, Memory Care Facilities
Clinical and Forensic Lab Services, Home Healthcare and Hospice, Physician Practice Management Groups, Contract Research and Sales Organizations (CROs and CSOs), Clinical, Allied and Lab Staffing, Regulatory and Pharmacoeconomic Services, Professional Accreditation/Training Services
Eating Disorders, Substance Abuse/Chemical Dependency, Intellectual and Development Disorder or Delay (IDD), Autism Spectrum Disorder (ASD), Therapeutic Academies
Revenue Cycle Management, Laboratory Information Systems
Contract Manufacturing, Class I, II and III Devices, Multi-modal Imaging Technologies, Institutional and Pharmacy Automation (IPA)
Leadership Lessons From The Battle of Gettysburg
John Franklin , Managing Director and Group Head , Aug. 31, 2017
Possible Elimination Of Libor Could Impact Senior Living Communities
Regulators Look To Possibly Replace Key Financial Benchmark
The Need for High Cash Levels for Entrance Fee CCRCs (Whitepaper)
For-Profit Senior Living: Its Impact on the Not-for-Profit Sector (Whitepaper)