Tandem Fund assists social enterprises in getting financing
TANDEM Fund calls itself a “patient investor” to social enterprises.
“For all their benefits, social enterprises find it difficult to obtain financing,” its website reads.
“On one hand, they generate returns that are too low for banks of traditional investors. On the other, they are often ineligible for foundation money as for-profit enterprises.
“Our role is to fill that gap. We act as a patient investor, providing capital to social enterprises that wouldn’t otherwise be able to gain investment.”
The venture fund, says its chief operating officer Kal Joffres, is the only one in Malaysia that invests exclusively in social enterprises.
As a not-for-profit fund, it differs from a conventional investment firm in that the returns from its investees are recycled into other social enterprises, rather than paid back as a dividend to shareholders.
A native Canadian, Joffres was a strategy consultant to non-profits and United Nations agencies prior to joining Tandem Fund.
The business and philosophy graduate from McGill University moved to Malaysia after helping a client here to start a social venture fund, which became Tandem Fund.
The fund has two sources of capital: the income from its subsidiary Tandemic, a social media consultancy, and a major banking group in Malaysia, who was the client that hired Joffres.
Tandemic – which has worked with consumer brands and government agencies – helps build social movements by organising communities around causes using social media and on-ground events.
“We started Tandemic because we thought some of our skills would be useful for companies and brands. The way we see it is a lot of organisations that are interested in social media aren’t doing it very well.
“They tell people, Here’s our latest deal, follow us on Twitter’, which is not effective. We try to engage people around causes they care about, we build communities around causes,” Joffres quips.
A portion of the Tandemic’s profit is used to finance Tandem Fund’s more experimental social enterprises.
On the second source, Joffres points out that the fund does not receive any cash for investment but rather acts as a conduit to identify social enterprises that meet several criteria, including financial sustainability and social impact. It is the bank that invests directly in the social enterprises, he says.
The social enterprises that are at a mature stage and can turn in a profit are put under Tandem Fund’s management, while the ones that more closely resemble a non-profit are directed to the bank’s philanthropic arm.
Tandem Fund has four projects under its belt: Design Change, Do Something Good, Sols24/7, and a yet unnamed mobile healthcare unit that aims to deliver medical care via waterways, especially in Sarawak.
Besides funding social enterprises, it helps streamline their operations, for example by customising a set of performance measures for each company.
On the challenges faced by fledgeling social enterprises, Joffres says this includes profitability, management skills, market access, and talent.
“A lot of social enterprises in Malaysia haven’t figured out how to make money yet. There’s still work to be done on the business model.
“They also tend to have very thin middle management. There are very passionate people running them, but it’s also important to have operational people in place to make sure things run smoothly,” he elaborates.
The country’s geography, he adds, can also be a hindrance as the people who need assistance are often deep in remote areas.
Disorganisation is another thing. “It’s easier to work with communities that are internally organised, but these are limited,” Joffres says.
“When you have one player that tries to do too many things along the value chain, instead of having a few to help you along the line, your risk increases. This is especially so if you are a start-up.”
In addition, he notes that there are talent acquisition issues in the sector, but insists that “just because you work for a social enterprise doesn’t mean you don’t get paid as well (as other companies)”. Some social enterprises do pay competitively, he says.
Nonetheless, he adds that “people love the fact they are working for social missions” in social enterprises.
“For the most part, it isn’t easy to get talent in any sector. We have a really passionate team and they get to pursue causes they’re interested in,” he says.
Joffres thinks that interest in the sector is growing among the youth and urbanites.
“If you have a strong social dimension you have an edge over companies that don’t,” he says.
“For instance, people don’t buy Body Shop products only because they’re good products, but also because of the social impact (they have). People who have spending power care about this stuff.”
Related Stories:
The rise of social enterprises
Creating an impact
SEA says some local enterprises are ready for investors
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2012年2月25日星期六
2012年2月6日星期一
Spot profit-eating investment fees
Investing » Don’t Let Investment Fees Strangle Profits
Investors are understandably eager to earn high returns. But nothing erodes that eagerness or kills the investor’s confidence in his or her advisers like a plethora of investment fees that eat away at those gains.
That’s one reason investors are paying a lot more attention to fees these days, according to Ram Subramaniam, head of products at TD Ameritrade, an online stock brokerage firm in Omaha, Neb.
“Any fee is getting more scrutiny, partly because the market returns aren’t as attractive as they were,” he says. “People are conscious and aware of what they’re paying. What you pay in fees eventually impacts your return.”
Here’s what to look for in investment fees and what to do about it.
Investment fees can be structured as a flat rate per month, per year, per trade or as a percentage of account assets or the transaction amount. For example, an annual account maintenance fee might be $100 or 1 percent of assets. A trade might cost $9.95 or involve a commission based on the price and number of shares. Some companies charge lower fees for trades entered online and higher fees for trades placed with the assistance of a telephone operator or stockbroker, according to a Bankrate chart of brokerage companies’ charges.
“When you’re buying a mutual fund, you have to pay for professional management, and there are commissions to buy or sell. Those could be as little as $8 or as much as 2 percent, or 5 percent for a load fund,” Krane says.
The term “load” means the investor pays the fund company an upfront and/or back-end percentage in addition to the broker’s transaction fee or commission, if any. These deals typically are highlighted on lists of so-called select or premium funds.
A no transaction-fee fund might be a good choice, but investors should understand that fund companies also typically pay a promotional fee to the brokerage company. As a result, that fund’s expense ratio might be higher because those behind-the-scenes fees are wrapped into the fund’s costs, Krane says.
Krane says some advisers earn commissions on the products they sell you, others are only paid a fee by their clients, and still others collect commissions and fees. Financial advisers who act solely in their client’s interest generally are compensated on a fee-only basis. The term “fee-based” generally means the adviser receives a mix of fees and commission.
“The client needs to know,” Krane says. “Granted, I’m paying you a fee, but in what capacity am I paying you? Are you operating as a fiduciary or salesperson? The financial planning community is going for a fee-only model. The Wall Street community wants fee-based.”
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Investors are understandably eager to earn high returns. But nothing erodes that eagerness or kills the investor’s confidence in his or her advisers like a plethora of investment fees that eat away at those gains.
That’s one reason investors are paying a lot more attention to fees these days, according to Ram Subramaniam, head of products at TD Ameritrade, an online stock brokerage firm in Omaha, Neb.
“Any fee is getting more scrutiny, partly because the market returns aren’t as attractive as they were,” he says. “People are conscious and aware of what they’re paying. What you pay in fees eventually impacts your return.”
Here’s what to look for in investment fees and what to do about it.
Investment fees
Examples include account maintenance fees, mutual fund management fees, trading fees or commissions, and investment management fees. Some are for services such as investment advice. Others are tied to activities such as buying or selling stocks, bonds or options. Still others are charged “just for the privilege of keeping your money there,” Subramaniam says.Investment fees can be structured as a flat rate per month, per year, per trade or as a percentage of account assets or the transaction amount. For example, an annual account maintenance fee might be $100 or 1 percent of assets. A trade might cost $9.95 or involve a commission based on the price and number of shares. Some companies charge lower fees for trades entered online and higher fees for trades placed with the assistance of a telephone operator or stockbroker, according to a Bankrate chart of brokerage companies’ charges.
Fund fees
Mutual fund companies also charge fees that vary in structure and amount, according to Justin Krane, president of Krane Financial Solutions, a financial planning firm in Los Angeles.“When you’re buying a mutual fund, you have to pay for professional management, and there are commissions to buy or sell. Those could be as little as $8 or as much as 2 percent, or 5 percent for a load fund,” Krane says.
The term “load” means the investor pays the fund company an upfront and/or back-end percentage in addition to the broker’s transaction fee or commission, if any. These deals typically are highlighted on lists of so-called select or premium funds.
A no transaction-fee fund might be a good choice, but investors should understand that fund companies also typically pay a promotional fee to the brokerage company. As a result, that fund’s expense ratio might be higher because those behind-the-scenes fees are wrapped into the fund’s costs, Krane says.
Fee-only or fee-based?
Many investors also pay additional investment fees to financial advisers.Krane says some advisers earn commissions on the products they sell you, others are only paid a fee by their clients, and still others collect commissions and fees. Financial advisers who act solely in their client’s interest generally are compensated on a fee-only basis. The term “fee-based” generally means the adviser receives a mix of fees and commission.
“The client needs to know,” Krane says. “Granted, I’m paying you a fee, but in what capacity am I paying you? Are you operating as a fiduciary or salesperson? The financial planning community is going for a fee-only model. The Wall Street community wants fee-based.”
Fee-saving tips
Savvy investors can save money on fees. Here are four tips:Tips to save money on fees
- Do your homework. Investors who dig into the brokerage company’s website or make a phone call and ask about investment fees can get a lot of useful information. Always find out how much an account or trade will cost before you make a commitment. “The more information and power investors have, the better decisions they will make about fees,” Subramaniam says.
- Compare your options. Actively managed mutual, international or global funds and funds from certain brands or brokerage companies tend to involve higher investment fees. Index funds and exchange-traded funds typically have lower fees, Subramaniam says. Still, fees shouldn’t be your only consideration but rather part of your investment decision.
- Do the math. Don’t assume a mutual fund being sold with no transaction fee is a better investment than one that costs a few bucks to buy. At times, a nominal transaction fee might be immaterial in the context of a large investment and expected high return. “If there is a better fund where there is a lower expense ratio and where you can pay the $35 versus something that has a lower fee, maybe you should do that,” Krane says.
- Add it up. Just as banks offer investment services, investment houses offer checking and savings accounts, debit cards, credit cards, mortgages, and other banking products. Subramaniam suggests companies offering cheap investment services might make up the difference on bank fees or visa versa. Consider the company’s entire fee schedule before you consolidate your accounts.
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2012年1月2日星期一
Ziegler Closes $59 Million Covenant Retirement Communities Financing
CHICAGO, IL–(Marketwire -12/29/11)- Ziegler, a specialty investment bank, is pleased to announce the successful closing of a tax-exempt bank direct purchase for Covenant Retirement Communities (CRC). The direct purchase was completed by JP Morgan Chase and was structured as two series of bonds, $15,830,000 of Series A Bonds and $43,335,000 Series B Bonds, for a total aggregate par amount of $59,165,000 (Series 2011 Bonds).
The Series 2011 Bonds were the first multi-state issuance for the Illinois Finance Authority. The Illinois Finance Authority passed legislation allowing it to serve as a multi-state conduit issuer in July, 2010. The CRC financing is the first financing that has been approved and closed under the multi-state legislation. Ziegler, the IFA, and CRC are very excited to be the first transaction of what hopes to become a great resource to other multi-state providers. “The Illinois Finance Authority is proud to play a role in our State’s first multi-state conduit transaction. Governor Pat Quinn and the Illinois General Assembly recognized that multi-state conduit issuance authority is an important tool to both retain and create jobs in Illinois. The IFA is pleased to work with Ziegler’s professional team and, importantly, Covenant Retirement Communities, on this groundbreaking project,” said Chris Meister, IFA Executive Director.
Proceeds from the Series 2011 Bonds were used to refund the outstanding Series 1999 (MI) Bonds, Series 1999 (CO) Bonds, Series 2004 Bonds, and Series 2006 Bonds, as well as provide CRC with more than $6 million of new money to pay for capital improvements for several CRC campuses in Colorado, Illinois, and Michigan. In addition to the issuance of the Series 2011 Bonds, Ziegler also worked closely with Covenant Retirement Communities on the replacement of two letters of credit for the Series 1992 and 1995 Bonds. Both the Series 1992 and 1995 Bonds will be secured by letters of credit from JP Morgan Chase.
Covenant Retirement Communities, Inc. (CRC) is an Illinois 501(c)(3) eligible corporation that owns and operates a system of continuing care communities offering the full continuum of care, in association with the Evangelical Covenant Church. The corporate office of CRC is located in Skokie, IL with facilities located in California, Washington, Connecticut, Florida, Illinois, Minnesota, Colorado, and Michigan. CRC currently has 14 communities with more than 4700 independent living, assisted living, and skilled nursing units and is #5 on the LeadingAge Ziegler 100, a list of the largest not-for-profit senior living providers in the nation.
As one of the nation’s leading underwriters of financing for non-profit senior living providers Ziegler offers investment banking, financial risk management, merger and acquisition services, investment management, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication. Don Carlson, Managing Director and Vice Chairman at Ziegler, commented, “The IFA multistate legislation provided a very cost effective and efficient process which allowed CRC to issue bonds to refund prior issues in Colorado, Michigan and Illinois and to fund new projects in each of these states as well. This transaction will further strengthen CRC’s conservative capital structure, which will allow them to continue to provide the highest level of service to their residents. This transaction was truly a success on many fronts.”
For further information on the structure and use of these issues, please see the Official Statements for the Series 1992 and Series 1995 Bonds located on the Electronic Municipal Market Access system’s Document Archive.
For more information about Ziegler, please visit us at www.Ziegler.com.
About Ziegler:
The Ziegler Companies, Inc. (Pinksheets: ZGCO.PK – News) together with its affiliates (Ziegler) is a specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion and education finance, as well as corporate finance and FHA/HUD. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler creates tailored financial solutions including bond financing, advisory, private placement, seed capital, M&A, risk and asset management. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.
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.
This communication does not constitute an offer to buy these securities. The offering is made only by the Official Statement and through an appropriately registered representative. The Series 2011 Bonds may not be appropriate for all investors. Market value and/or accrued interest will fluctuate during the period held, and, if sold prior to maturity, the yield received may be more or less than the yield calculated at the time of purchase. Discounted yields herein are gross yields to maturity. Discounted bonds may be subject to capital gains tax, rates of which will vary, so investors should consult their own tax advisor with regard to their personal tax situation. Interest on municipal bonds may be exempt from federal income tax but may be subject to tax for residents of certain states. For bonds designated AMT, taxes may exist for certain investors. Ziegler will sell these bonds on a principal basis.
The corporation or its officers, directors, stockholders, or members of their families may at times have a position in the securities mentioned herein and may make purchases or sales of these securities. Not all call or put information is identified in the description above. Please be sure to discuss any special features with your Financial Advisor before deciding whether to invest in these securities.
http://tourism9.com/
The Series 2011 Bonds were the first multi-state issuance for the Illinois Finance Authority. The Illinois Finance Authority passed legislation allowing it to serve as a multi-state conduit issuer in July, 2010. The CRC financing is the first financing that has been approved and closed under the multi-state legislation. Ziegler, the IFA, and CRC are very excited to be the first transaction of what hopes to become a great resource to other multi-state providers. “The Illinois Finance Authority is proud to play a role in our State’s first multi-state conduit transaction. Governor Pat Quinn and the Illinois General Assembly recognized that multi-state conduit issuance authority is an important tool to both retain and create jobs in Illinois. The IFA is pleased to work with Ziegler’s professional team and, importantly, Covenant Retirement Communities, on this groundbreaking project,” said Chris Meister, IFA Executive Director.
Proceeds from the Series 2011 Bonds were used to refund the outstanding Series 1999 (MI) Bonds, Series 1999 (CO) Bonds, Series 2004 Bonds, and Series 2006 Bonds, as well as provide CRC with more than $6 million of new money to pay for capital improvements for several CRC campuses in Colorado, Illinois, and Michigan. In addition to the issuance of the Series 2011 Bonds, Ziegler also worked closely with Covenant Retirement Communities on the replacement of two letters of credit for the Series 1992 and 1995 Bonds. Both the Series 1992 and 1995 Bonds will be secured by letters of credit from JP Morgan Chase.
Covenant Retirement Communities, Inc. (CRC) is an Illinois 501(c)(3) eligible corporation that owns and operates a system of continuing care communities offering the full continuum of care, in association with the Evangelical Covenant Church. The corporate office of CRC is located in Skokie, IL with facilities located in California, Washington, Connecticut, Florida, Illinois, Minnesota, Colorado, and Michigan. CRC currently has 14 communities with more than 4700 independent living, assisted living, and skilled nursing units and is #5 on the LeadingAge Ziegler 100, a list of the largest not-for-profit senior living providers in the nation.
As one of the nation’s leading underwriters of financing for non-profit senior living providers Ziegler offers investment banking, financial risk management, merger and acquisition services, investment management, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication. Don Carlson, Managing Director and Vice Chairman at Ziegler, commented, “The IFA multistate legislation provided a very cost effective and efficient process which allowed CRC to issue bonds to refund prior issues in Colorado, Michigan and Illinois and to fund new projects in each of these states as well. This transaction will further strengthen CRC’s conservative capital structure, which will allow them to continue to provide the highest level of service to their residents. This transaction was truly a success on many fronts.”
For further information on the structure and use of these issues, please see the Official Statements for the Series 1992 and Series 1995 Bonds located on the Electronic Municipal Market Access system’s Document Archive.
For more information about Ziegler, please visit us at www.Ziegler.com.
About Ziegler:
The Ziegler Companies, Inc. (Pinksheets: ZGCO.PK – News) together with its affiliates (Ziegler) is a specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion and education finance, as well as corporate finance and FHA/HUD. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler creates tailored financial solutions including bond financing, advisory, private placement, seed capital, M&A, risk and asset management. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.
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.
This communication does not constitute an offer to buy these securities. The offering is made only by the Official Statement and through an appropriately registered representative. The Series 2011 Bonds may not be appropriate for all investors. Market value and/or accrued interest will fluctuate during the period held, and, if sold prior to maturity, the yield received may be more or less than the yield calculated at the time of purchase. Discounted yields herein are gross yields to maturity. Discounted bonds may be subject to capital gains tax, rates of which will vary, so investors should consult their own tax advisor with regard to their personal tax situation. Interest on municipal bonds may be exempt from federal income tax but may be subject to tax for residents of certain states. For bonds designated AMT, taxes may exist for certain investors. Ziegler will sell these bonds on a principal basis.
The corporation or its officers, directors, stockholders, or members of their families may at times have a position in the securities mentioned herein and may make purchases or sales of these securities. Not all call or put information is identified in the description above. Please be sure to discuss any special features with your Financial Advisor before deciding whether to invest in these securities.
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Ziegler Closes $7 Million Financing for Total Longterm Care, Inc.
CHICAGO, IL–(Marketwire -12/12/11)- Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $7,000,000 fixed-rate tax-exempt bond issue for Total Longterm Care, Inc. (TLC). TLC was formed in December 1989 to establish Colorado’s first Program of All-inclusive Care for the Elderly (PACE). TLC began its PACE operations with one location in Denver and has grown to five centers serving the entire Denver metro area in the following locations: Capitol Center (in Denver), which TLC management expects to replace with the Broadway Center (in Denver), Cody Center (in Lakewood), Chambers Center (in Aurora), Pinnacle Center (in Thornton), and Pueblo Center (in Pueblo) (collectively, the TLC Centers). The newest PACE location will be in San Bernardino, California, where land and existing buildings were just purchased.
Today, TLC has more than 1,800 participants across its five Centers. TLC is part of a family of companies, including a parent organization known as Total Community Options; affiliates provide PACE care and support services including fundraising, a PACE center in New Mexico, and an affordable housing community in Colorado. TLC is rated “BBB-” by Fitch Ratings.
PACE is an innovative system of care designed to meet the needs of nursing home-eligible individuals. PACE providers help these individuals stay in their homes and communities, rather than enter nursing homes, by combining medical care, community-based home and healthcare services, and day care programs.
The Series 2011 Bonds are being issued to: 1) finance the acquisition, construction, equipping and improvement of the Broadway Center, which will replace the leased Capitol Center; 2) fund a debt service reserve fund; and 3) pay certain expenses incurred in connection with the issuance of the Series 2011 Bonds.
As one of the nation’s leading underwriters of financing for non-profit senior living providers Ziegler offers investment banking, financial risk management, merger and acquisition services, investment management, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication. Mary Muñoz, Managing Director in Ziegler’s Senior Living practice, commented, “Total Longterm Care’s leadership has proven highly adept at managing the service-intensive, capitated PACE business. We view PACE as a prototype for true person-centric care, a foundation for effective healthcare delivery. We could not be more pleased to be working with Total Longterm Care to further its PACE mission and to support the growth of PACE nationally.”
For further information on the structure and use of this issue, please see the Official Statement located on the Electronic Municipal Market Access system’s Document Archive.
For more information about Ziegler, please visit us at www.Ziegler.com.
About Ziegler:
The Ziegler Companies, Inc. (Pinksheets: ZGCO.PK – News) together with its affiliates (Ziegler) is a specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion and education finance, as well as corporate finance and FHA/HUD. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler creates tailored financial solutions including bond financing, advisory, private placement, seed capital, M&A, risk and asset management. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.
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.
This communication does not constitute an offer to buy these securities. The offering is made only by the Official Statement and through an appropriately registered representative. The Series 2011 Bonds may not be appropriate for all investors. Market value and/or accrued interest will fluctuate during the period held, and, if sold prior to maturity, the yield received may be more or less than the yield calculated at the time of purchase. Discounted yields herein are gross yields to maturity. Discounted bonds may be subject to capital gains tax, rates of which will vary, so investors should consult their own tax advisor with regard to their personal tax situation. Interest on municipal bonds may be exempt from federal income tax but may be subject to tax for residents of certain states. For bonds designated AMT, taxes may exist for certain investors. Ziegler will sell these bonds on a principal basis.
The corporation or its officers, directors, stockholders, or members of their families may at times have a position in the securities mentioned herein and may make purchases or sales of these securities. Not all call or put information is identified in the description above. Please be sure to discuss any special features with your Financial Advisor before deciding whether to invest in these securities.
http://tourism9.com/
Today, TLC has more than 1,800 participants across its five Centers. TLC is part of a family of companies, including a parent organization known as Total Community Options; affiliates provide PACE care and support services including fundraising, a PACE center in New Mexico, and an affordable housing community in Colorado. TLC is rated “BBB-” by Fitch Ratings.
PACE is an innovative system of care designed to meet the needs of nursing home-eligible individuals. PACE providers help these individuals stay in their homes and communities, rather than enter nursing homes, by combining medical care, community-based home and healthcare services, and day care programs.
The Series 2011 Bonds are being issued to: 1) finance the acquisition, construction, equipping and improvement of the Broadway Center, which will replace the leased Capitol Center; 2) fund a debt service reserve fund; and 3) pay certain expenses incurred in connection with the issuance of the Series 2011 Bonds.
As one of the nation’s leading underwriters of financing for non-profit senior living providers Ziegler offers investment banking, financial risk management, merger and acquisition services, investment management, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication. Mary Muñoz, Managing Director in Ziegler’s Senior Living practice, commented, “Total Longterm Care’s leadership has proven highly adept at managing the service-intensive, capitated PACE business. We view PACE as a prototype for true person-centric care, a foundation for effective healthcare delivery. We could not be more pleased to be working with Total Longterm Care to further its PACE mission and to support the growth of PACE nationally.”
For further information on the structure and use of this issue, please see the Official Statement located on the Electronic Municipal Market Access system’s Document Archive.
For more information about Ziegler, please visit us at www.Ziegler.com.
About Ziegler:
The Ziegler Companies, Inc. (Pinksheets: ZGCO.PK – News) together with its affiliates (Ziegler) is a specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion and education finance, as well as corporate finance and FHA/HUD. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler creates tailored financial solutions including bond financing, advisory, private placement, seed capital, M&A, risk and asset management. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.
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.
This communication does not constitute an offer to buy these securities. The offering is made only by the Official Statement and through an appropriately registered representative. The Series 2011 Bonds may not be appropriate for all investors. Market value and/or accrued interest will fluctuate during the period held, and, if sold prior to maturity, the yield received may be more or less than the yield calculated at the time of purchase. Discounted yields herein are gross yields to maturity. Discounted bonds may be subject to capital gains tax, rates of which will vary, so investors should consult their own tax advisor with regard to their personal tax situation. Interest on municipal bonds may be exempt from federal income tax but may be subject to tax for residents of certain states. For bonds designated AMT, taxes may exist for certain investors. Ziegler will sell these bonds on a principal basis.
The corporation or its officers, directors, stockholders, or members of their families may at times have a position in the securities mentioned herein and may make purchases or sales of these securities. Not all call or put information is identified in the description above. Please be sure to discuss any special features with your Financial Advisor before deciding whether to invest in these securities.
http://tourism9.com/
Ziegler Closes $38 Million Bay Area Charter Financing
CHICAGO, IL–(Marketwire -12/07/11)- Ziegler, a specialty investment banking firm with over a 100 years of experience, is pleased to announce the successful closing of the $38 million Bay Area Charter Foundation, LLC financing. This is the first bond issue for this borrower and the third bond issue Ziegler has underwritten for schools managed by Charter Schools USA.
Bay Area Charter Foundation, LLC is a Florida 501(c)(3) that holds charters for two charter schools in the greater Tampa, Florida area. Both schools (Woodmont Charter School and Winthrop Charter School) opened in August 2011 and are managed by Charter Schools USA, a for-profit EMO based in Fort Lauderdale, Florida.
The current financing will refinance bridge loans that funded acquisition and construction costs for the two school facilities, as well as provide funding for an expansion at the Winthrop facility. Upon completion of the Winthrop expansion in fall 2012, the two schools will have a combined capacity of approximately 2,380 students in grades K-8.
With Ziegler’s expertise in charter school financing and our extensive capital markets capabilities, these combined efforts resulted in the successful placement of all bonds that met the borrower’s structural and timing constraints. Michael Braun, Senior Vice President in Ziegler’s Religion & Education practice, stated, “This financing fulfilled a long-term goal of Charter Schools USA (CSUSA) to open a charter school in the Hillsborough County area. These schools will benefit the community by expanding school choice options with CSUSA’s viable and proven curriculum while also creating a positive learning environment for the students.”
For further information on the structure and use of this issue, please see the Electronic Municipal Market Access system’s Document Archive: http://emma.msrb.org/SecurityView/SecurityDetails.aspx?cusip=A0C4C11167337732398CA7ED53DE7BF0A.
For more information about Ziegler and please visit us at www.Ziegler.com.
About Ziegler:The Ziegler Companies, Inc. (Pinksheets: ZGCO.PK – News) together with its affiliates (Ziegler) is a specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion and education finance, as well as corporate finance and FHA/HUD. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler creates tailored financial solutions including bond financing, advisory, private placement, seed capital, M&A, risk and asset management. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.
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.
This communication does not constitute an offer to buy these securities. The offering is made only by the Official Statement and through an appropriately registered representative. The Series 2011 Bonds may not be appropriate for all investors. Market value and/or accrued interest will fluctuate during the period held, and, if sold prior to maturity, the yield received may be more or less than the yield calculated at the time of purchase. Discounted yields herein are gross yields to maturity. Discounted bonds may be subject to capital gains tax, rates of which will vary, so investors should consult their own tax advisor with regard to their personal tax situation. Interest on municipal bonds may be exempt from federal income tax but may be subject to tax for residents of certain states. For bonds designated AMT, taxes may exist for certain investors. Ziegler will sell these bonds on a principal basis.
The corporation or its officers, directors, stockholders, or members of their families may at times have a position in the securities mentioned herein and may make purchases or sales of these securities. Not all call or put information is identified in the description above. Please be sure to discuss any special features with your Financial Advisor before deciding whether to invest in these securities.
http://tourism9.com/
Bay Area Charter Foundation, LLC is a Florida 501(c)(3) that holds charters for two charter schools in the greater Tampa, Florida area. Both schools (Woodmont Charter School and Winthrop Charter School) opened in August 2011 and are managed by Charter Schools USA, a for-profit EMO based in Fort Lauderdale, Florida.
The current financing will refinance bridge loans that funded acquisition and construction costs for the two school facilities, as well as provide funding for an expansion at the Winthrop facility. Upon completion of the Winthrop expansion in fall 2012, the two schools will have a combined capacity of approximately 2,380 students in grades K-8.
With Ziegler’s expertise in charter school financing and our extensive capital markets capabilities, these combined efforts resulted in the successful placement of all bonds that met the borrower’s structural and timing constraints. Michael Braun, Senior Vice President in Ziegler’s Religion & Education practice, stated, “This financing fulfilled a long-term goal of Charter Schools USA (CSUSA) to open a charter school in the Hillsborough County area. These schools will benefit the community by expanding school choice options with CSUSA’s viable and proven curriculum while also creating a positive learning environment for the students.”
For further information on the structure and use of this issue, please see the Electronic Municipal Market Access system’s Document Archive: http://emma.msrb.org/SecurityView/SecurityDetails.aspx?cusip=A0C4C11167337732398CA7ED53DE7BF0A.
For more information about Ziegler and please visit us at www.Ziegler.com.
About Ziegler:The Ziegler Companies, Inc. (Pinksheets: ZGCO.PK – News) together with its affiliates (Ziegler) is a specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion and education finance, as well as corporate finance and FHA/HUD. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler creates tailored financial solutions including bond financing, advisory, private placement, seed capital, M&A, risk and asset management. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.
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.
This communication does not constitute an offer to buy these securities. The offering is made only by the Official Statement and through an appropriately registered representative. The Series 2011 Bonds may not be appropriate for all investors. Market value and/or accrued interest will fluctuate during the period held, and, if sold prior to maturity, the yield received may be more or less than the yield calculated at the time of purchase. Discounted yields herein are gross yields to maturity. Discounted bonds may be subject to capital gains tax, rates of which will vary, so investors should consult their own tax advisor with regard to their personal tax situation. Interest on municipal bonds may be exempt from federal income tax but may be subject to tax for residents of certain states. For bonds designated AMT, taxes may exist for certain investors. Ziegler will sell these bonds on a principal basis.
The corporation or its officers, directors, stockholders, or members of their families may at times have a position in the securities mentioned herein and may make purchases or sales of these securities. Not all call or put information is identified in the description above. Please be sure to discuss any special features with your Financial Advisor before deciding whether to invest in these securities.
http://tourism9.com/
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