Westminster Manor receives funding

 

Ziegler announced successful bond pricing of Texas' Westminster Manor's $61.5 million Series 2016 Bonds.

Westminster is a Type A continuing care retirement community that includes 328 independent living units, 22 assisted living units, as well as The Arbour at Westminster Health Center, which is comprised of 85 skilled nursing beds, 30 of which are for memory support.

The funding will be used to refund a portion of outstanding Series 2010 Fixed Rate Bonds and fund a debt service reserve fund, and pay certain costs of issuance.

Life Care Services has provided management services to Westminster since 1981.

Westminster will receive $588,000 in annual cash flow savings for the next 24 years, representing $11.4 million on a net present value basis, the firm said.