The Ziegler Companies Inc., a Chicago-based specialty investment banking firm, today announced the successful closing of the financing for Young Men’s Christian Association (YMCA) at Pabst Farms Inc. in Oconomowoc.
The net proceeds of the 2011 Series Bonds will be used to pay four outstanding bank notes that were originally used for the purchase of the land and construction of the Pabst Farms facility.
In 2003, the YMCA opened its new facilities on 23 acres of land at 1750 Valley Road in Oconomowoc. The two-level, 115,000 square foot facility is located within the 1,600-acre Pabst Farms development.
Dave Schlosser, managing director at Ziegler, said, "Management for the YMCA initially had considered refinancing the outstanding bank debt with tax-exempt bonds, however they were drawn to our taxable bond proposal due to the simplicity of the structure. With the Ziegler taxable bond structure, there was no call protection on the long-term bonds and much fewer compliance and legal issues involved. The end result was a more flexible long-term structure that met the needs of the organization better than the usual cookie cutter tax-exempt solution."