FAIRFIELD, Conn., Oct. 21, 2019 /PRNewswire/ — HJ Sims (Sims), a privately held investment bank and wealth management firm founded in 1935, is pleased to announce the closing of a $14.5 million financing in August for Presbyterian SeniorCare d/b/a Shenango on the Green (Shenango). An affiliate of Presbyterian SeniorCare Network (PSCN), Shenango is a continuing care retirement community/life plan community located in New Wilmington, PA.
Sims worked with PSCN to analyze refunding opportunities for Shenango’s outstanding Series 2007 Bonds in late 2017, coinciding with Shenango’s continued planning for an independent living expansion project. Sims evaluated multiple plans of finance, including a public issuance of bonds and a direct placement with a commercial bank.
Based on market conditions in 2019, and the combination of refinancing and capital needs, Shenango elected to pursue a direct placement with a commercial bank, selecting First National Bank of Pennsylvania (FNB). Its objectives included: generating interest rate savings on the refinancing; implementing a cost-effective financing for the expansion project; maintaining unified financing covenants and operating, financial and strategic flexibility.
Funding of the expansion is segmented into two phases: Phase 1 includes the construction of the majority of the cottages, site work, predevelopment and pre-marketing expenses. Phase 2 includes construction of the remainder of the cottages, community center…