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Ziegler closes tax-exempt bank direct purchase for CRC to $59m

Ziegler, a specialty investment bank, has successfully closed a tax-exempt bank direct purchase for Covenant Retirement Communities (CRC).

CRC, is an Illinois 501(c)(3) eligible firm that owns and operates a system of continuing care communities offering the full continuum of care, in association with the Evangelical Covenant Church.

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 amount of $59,165,000.

The Series 2011 Bonds are the first multi-state issuance for the Illinois Finance Authority.

In july 2010, the Illinois Finance Authority passed legislation allowing it to serve as a multi-state conduit issuer.

IFA executive director Chris Meister said the Illinois Finance Authority is proud to play a role in their State’s first multi-state conduit transaction, where the 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 the groundbreaking project," Meister added.