Ziegler Underwritten Fixed Income
Ziegler Investment Banking
Ziegler’s
investment banking team executes financing solutions for healthcare
providers, senior living communities, religious organizations, schools
and renewable energy projects. Working with clients in these sectors
allows us to understand the products and services organizations require
for long-term financial strength and success.
Hospital and Health System Finance
The
U.S. healthcare industry is undergoing a dramatic transformation,
fueled in large part by an aging population and the availability of new
technologies, services and drugs. Demand for healthcare services
continue to grow and healthcare expenditures are expected to climb even
higher as aging Baby Boomers increasingly seek treatment for
age-related chronic conditions such as heart disease, cancer and
diabetes.
Why is healthcare an investment opportunity?
Although
it remains highly fragmented and inefficient, the U.S. health system is
being transformed to better serve an increasingly sophisticated patient
population, including the new generation of retirees. New companies
focusing on the development of innovative technologies and services and
the more efficient delivery of existing services will provide excellent
investment opportunities.
Why has Ziegler chosen to specialize in healthcare?
Financial
concerns continue to be at the top of every healthcare executive’s
mind. Healthcare providers face a host of financial and operational
challenges each day — decreasing profit margins, increasing labor
costs, caring for the under and uninsured and bracing for the
ever-growing aging and ailing population. As a healthcare specialist,
we help healthcare organizations compete today and position themselves
for the future. Ziegler’s healthcare practice is committed to improving
healthcare through smart business and a range of financial solutions.
Ziegler has chosen to specialize in healthcare because of the size,
breadth and growth of the sector; the opportunity for Ziegler to offer
long-term, specialist advisory services within a sector we know better
than anyone; and the dynamic investment opportunities it offers.
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Senior Living
Community
is no longer a simple concept. Today, America’s seniors often choose to
live in communities with their peers; communities where they can
receive the services they want, when they want them, in the place that
they call home.
The senior living industry has been one of the
fastest growing industries in the United States in recent years due
primarily to two phenomena:
1.The staggering number of aging Americans
2. The significant increase in life expectancy
According
to the U.S. Bureau of the Census, over 78 million people were born
between 1946 and 1964; and according to the Social Security
Administration, the average life expectancy in 1900 was 47.3 compared
to 77 in 2000.
Baby Boomers are one of the largest demographic
phenomena to hit the U.S., and because of their vast numbers and keen
interest in a lively and robust retirement, they will change the
world’s preconceived notions about senior living.
Meeting the
needs of aging Boomers is no small task. When senior living providers
seek assistance building new communities and renovating or
repositioning existing ones, Ziegler’s senior living finance team is
the partner to whom they turn. We are the market leader, and for your
clients, this means access to tax-exempt fixed income underwritings to
fund the capital needs of continuing care retirement communities.
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Church and School Finance
Since
our founding in 1902, Ziegler has become a recognized leader in
providing church mortgages, church loans and school financings, as well
as financing for non-profit organizations. We offer a variety of
solutions from tax-exempt and taxable bonds to short-term borrowing. We
are privileged to serve some of America’s largest ministries, as well
as many schools, colleges and universities.
The churches issuing
bonds through Ziegler represent a variety of denominations; and
churches are approved for Ziegler’s financing program based on their
credit-worthiness. Ziegler’s church financing specialists have
extensive experience in evaluating the financial strength and
appropriate debt service capacity of churches and private schools.
Several conservative criteria are used to evaluate credit quality of
prospective borrowers, including the following:
- The church’s historic revenue base
- The church’s prospects for growth
- Strength of the church and/or school management
- Number of members
- Value of the assets pledged to secure the proposed bonds
- Analysis of any school operations
Church
bonds underwritten by Ziegler are typically secured by a first mortgage
lien on the property of the issuer. If an issuer ever becomes unable to
meet its financial obligations to its bondholders, the bondholders have
first mortgage collateral in the form of the church or school’s land,
buildings and other property.
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