$18.63 Million Direct Bank Placement Bond Financing for Carmel Manor

13-May-2015

Germantown, NY - Cain Brothers served as sole investment banking advisor for the issuance of $18.63 million Series 2015 Direct Bank Purchase Bonds.

Carmel Manor, a 145-bed not-for-profit skilled nursing and personal care facility, located in Fort Thomas, Kentucky, has served the Northern Kentucky and Greater Cincinnati communities since it opened its doors in 1949. Along with a capital campaign, proceeds from the financing are being used to construct a new addition to house 95 skilled nursing beds and enhanced common living spaces as well as fund technological infrastructure upgrades, the purchase of physical therapy equipment, and the construction of a new activity center and new main entrance.

The Series 2015 Bonds were structured as a drawn down facility during the construction period to reduce the interest expense until the project is complete, with substantially lowered the funded capitalized interest account. In addition, Cain Brothers will assist Carmel Manor in entering into a fixed pay interest rate swap to hedge the variable rate interest on the Bonds.

Carmel Manor is a member of the Carmelite System, a Catholic not-for-profit health system sponsored by the Carmelite Sisters for the Aged and Infirm. The System consists of 15 senior care facilities that provide services to the aged and infirmed across the country and in Dublin, Ireland.

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