Transaction Announcement
Great Lakes Senior Living Communities LLC (“Great Lakes”), a provider of independent and assisted living and memory care services across 8 communities and 1,254 units in Michigan and Ohio, successfully completed a recapitalization through a comprehensive exchange of $400mm of outstanding bonds and a new $10mm financing. The transaction significantly strengthened Great Lakes’ balance sheet, providing sufficient liquidity and runway for Great Lakes to continue to grow in its local markets.
GLC served as Financial Advisor to Great Lakes, its mission- driven nonprofit sponsor Provident Resources Group, and the operating manager Common Sail Investment Group. The public debt exchange was facilitated via a trust instruction proceeding in Minnesota. Concurrent with the exchange select existing bondholders provided $10mm of new financing to bolster Great Lakes’ near-term liquidity.
GLC is a registered Municipal Advisor with the MSRB and SEC and has a core focus on the tax-exempt financial markets.
GLC Healthcare Coverage Overview
GLC brings a distinctive and dedicated approach to coverage of the Healthcare sector. Our professionals have advised on a range of complex transactions including M&A, debt financing and restructuring & recapitalizations, and our institutional knowledge spans the full spectrum of sub sectors in this constantly evolving industry.
Our clients include corporations, creditors, entrepreneurs, and financial sponsors.
Deal Team
Michael Selling – PENDING
Managing Director
Alex Geier
Managing Director / NYC
J. Soren Reynertson
Managing Director / NYC
Adam Fiedor
Managing Director / Denver
Jason Leshner – PENDING
Director
Conor Jackson – PENDING
Vice President
Turner Ives – PENDING
Analyst