News - 2008
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RED Structures and Sells $12 Million in Revenue Bonds for Three Skilled Nursing Facilities in Wisconsin
Columbus, Ohio, August 20, 2008 — Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking arm of comprehensive capital provider RED CAPITAL GROUP, recently closed a $12,000,000 tax-exempt bond financing for the American Eagle LifeCare Corporation.
The transaction provided financing for three skilled nursing facilities: Bethel Center in Arpin, Wisconsin (111 beds), Colonial Center in Colby, Wisconsin (95 beds) and Karmenta Center in Madison, Wisconsin (105 beds). The properties are cross collateralized and cross defaulted through a Master Trust Indenture.
American Eagle LifeCare Corporation is a 501(c)(3) non-profit corporation organized and operated exclusively for public charitable purposes including acquiring, owning, maintaining and operating nursing homes, hospitals, assisted living, senior living and related facilities providing health care and other services to the elderly and infirm.
Red Capital Markets served as the sole bond underwriter for the Wisconsin Health and Educational Facilities Authority issuance of unrated and unenhanced tax-exempt bonds.
Donald L. Husi, Director of RED CAPITAL GROUP, said, "It was a pleasure working with American Eagle and the Wisconsin Health and Educational Facilities Authority to refinance the existing high-rate senior bonds and maturing subordinate debt for these three skilled nursing facilities. American Eagle is an outstanding non-profit owner and operator and the folks at Medical Rehabilitation Centers have done an excellent job managing these properties. Red looks forward to working with them on future transactions."
