Ziegler Arranges $22M in Bonds for Ohio Presbyterian Retirement Services, Now Known as Ohio Living

Ohio Living Park Vista, Youngstown, Ohio Ohio Living Park Vista, Youngstown, Ohio

COLUMBUS, Ohio — Ziegler, a specialty investment bank, has arranged $22 million in tax-exempt, fixed-rate bonds for Ohio Presbyterian Retirement Services, a nonprofit operator of 12 seniors housing communities in Ohio. Concurrent with the financing, the borrower changed its name to Ohio Living.

Ohio Living is the largest Ohio-based seniors housing provider and the 45th largest nationally with 3,086 units, according to the American Seniors Housing Association.

Proceeds of the bonds will be used to refund previous bonds and fund a debt service reserve fund. The financing is part of a broader capital structure initiative for the company, seeking to replace variable rates with low, fixed rates. The new rates provided $1.6 million in savings to Ohio Living.

Ziegler served as lead underwriter while PNC Bank and KeyBank acted as co-managers for 10 percent each. 

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