BB&T Capital Markets Serves as Exclusive Financial Advisor to PSF, PLLC, dba Family Allergy & Asthma in its recapitalization

Transaction Summary

On March 15, 2018, Family Allergy & Asthma (“FA&A” or the “Company”) was recapitalized by Prairie Capital L.P. (“Prairie”). BB&T Capital Markets served as the exclusive financial advisor to the Company and David Keys, head of Healthcare M&A, led the transaction.

About the Companies

FA&A is a market leading provider of allergy, asthma, and immunology diagnosis and treatment, providing expert medical care with a commitment to customer service in Kentucky, Indiana, and Ohio. For more information, please visit www.familyallergy.com.

Prairie Capital is a leading source of private equity for the acquisition of family and founder-owned businesses. Prairie focuses exclusively on being the first private equity investor in growth-oriented, U.S.-based companies with EBITDA of $4 to $12 million. Prairie partners with founders and management teams to build market-leading companies in targeted, high-growth industries. Since its inception in 1997, Prairie Capital has invested in 90 platform companies. For more information, visit www.prairie-capital.com.

Healthcare

BB&T Capital Markets has a highly experienced team dedicated to the healthcare industry. Our senior living group has an annual financing volume that typically exceeds $1 billion in bond issues, loans and direct placements. Our Mergers & Acquisition Advisory team has executed more than 35 transactions generating in excess of $3 billion of aggregate consideration for clients over the course of their careers.

About BB&T Capital Markets

BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.

  • Family Allergy & Asthma

    On March 15, 2018, Family Allergy & Asthma (“FA&A” or the “Company”) was recapitalized by Prairie Capital L.P. (“Prairie”). BB&T Capital Markets served as the exclusive financial advisor to the Company and David Keys, head of Healthcare M&A, led the transaction.

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  • Aldersgate United Methodist Retirement Community, Inc.

    On May 18, 2017, BB&T Capital Markets priced a $19.1 million fixed rate bond financing (Series 2017A Bonds) for Aldersgate United Methodist Retirement Community, Inc. The bond proceeds will be used to refinance an existing bank loan and fund the remaining construction costs for the renovation of a community center. Simultaneously with the Series 2017A Bonds, Aldersgate has also obtained approximately $35 million in bank financing to fund the construction of 62 new independent living units and routine capital expenditures. Both transactions closed on May 31, 2017.

    BB&T Capital Markets obtained the lowest 30-year fixed interest rate to date in 2017 for a non-rated Life Plan Community.

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  • Wesley Commons

    On October 19, 2016, BB&T Capital Markets closed a $27,110,000 Series 2016 Fixed Rate Bond Issue to retire Wesley Commons’ existing Series 2006 Fixed Rate Bonds.

    BB&T worked with Wesley Commons and Ascension Capital Enterprises on the refinancing of Wesley Commons Series 2006 Bonds. The team decided to extend the maturity of the bonds by five years to create additional debt capacity. As pricing approached in early October, BB&T revised the bond structure to eliminate serial bonds in favor of a term bond with a premium structure, thus increasing the savings realized by Wesley Commons. Despite market turmoil on the day of pricing that caused the major market index to move up seven basis points, BB&T was able to successfully price the transaction without having to adjust interest rates. Wesley Commons ultimately received an all-in-cost of 4.59 percent and will save approximately $440,000 on an annual basis from 2017-2036 as a result of the refinancing.

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  • LifeSpire of Virginia

    On October 12, 2016, BB&T Capital Markets closed an $85,505,000 Series 2016 Fixed Rate Bond issue for LifeSpire of Virginia (“LifeSpire”). The proceeds will be used to retire LifeSpire’s existing Series 2006A and Series 2006C Fixed Rate Tax-Exempt Bonds as well as a taxable line of credit.

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  • Crest View Senior Communities, Inc.

    On June 30, 2015, BB&T Capital Markets closed a total bond issue of $55,650,000 in tax-exempt and taxable bonds for Crest View Senior Communities (Crest View).  The bond proceeds will be used to finance the construction of a new campus and to create a new Obligated Group via a refinancing of existing debt.

    

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  • Baptist Homes Society

    On June 24, 2015, BB&T Capital Markets closed a $137,885,000 Series 2015 Fixed Rate Bond issue for Baptist Homes Society (BHS). The proceeds of the 2015 Bonds were used to refund the outstanding Series 2007 Variable Rate Demand Bonds (VRDBs).

    

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  • The Moorings, Incorporated

    On April 2, 2015, BB&T Capital Markets closed a $63,425,000 Series 2015A Fitch and S&P "A+" Rated Fixed Rate Bond issue, $23,550,000 Series 2015B Tax-Exempt Bank Loan, and $47,450,000 Series 2015C Tax-Exempt Bank Loan for The Moorings, Incorporated (The Moorings). The total proceeds will be used to retire The Moorings' existing Series 2000, 2005 and 2008 Variable Rate Demand Bonds and its Series 2010 Tax-Exempt Fixed Rate Bank Loan, and to fund a portion of the construction of the Moorings Park at Grey Oaks expansion project.

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  • UnitedHealth Group Incorporated

    On December 3, 2014, BB&T Capital Markets served as a co-manager for a $2 billion, three-tranche offering of notes by UnitedHealth Group. A $750 million tranche of 1.40% notes matures in 2017; a $500 million tranche of 2.30% notes matures in 2019; and a $750 million tranche of 2.875% notes matures in 2021. The transaction represents our seventh with this issuer over the past ten years. Proceeds from the transaction are being used for working capital requirements; the redemption or repurchase of outstanding securities; refinancing debt; financing acquisitions; and other general corporate purposes.

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  • The Glebe, Inc.

    On July 22, 2014, BB&T Capital Markets closed a $41,155,000 financing for The Glebe, a continuing care retirement community (CCRC) north of Roanoke, Va. The 2014 financing allows The Glebe to replace a costly and inflexible capital structure with one that vastly improves income and liquidity, favorably positioning the community for future expansion.

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  • Senior Living Choices of Virginia, Inc.

    On July 11, 2014, BB&T Capital Markets closed a $45,500,000 bank financing for Senior Living Choices of Virginia, Inc., d/b/a/ Brandermill Woods Retirement Community (Brandermill Woods), which owns and operates a rental continuing care retirement community, in Chesterfield County, Va. Proceeds of the financing will be used to add 93 new independent living units as well as 22 skilled nursing private rooms to the health care center. The completion of this financing marked the successful conclusion of Brandermill Woods’ multi-step capital formation strategy.

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  • Silver Creek St. Augustine

    On May 29, 2014, BB&T Capital Markets closed a nonrated $28,615,000 tax-exempt fixed rate financing and $1,000,000 taxable fixed rate financing for Zerga Development, LLC, and Zerga Management, LLC, a for-profit developer and manager of traditional multifamily housing and hospitality projects. The primary purpose of the financing was to provide funds for the construction of Silver Creek St. Augustine, an assisted living/memory care facility to be located in St. Augustine, Fla. BB&T Capital Markets, through its expertise with non-rated senior living credits and familiarity with healthcare and housing bonds, was able to utilize a form of housing bonds to provide the construction financing for Silver Creek St. Augustine. Through a combination of tax-exempt and taxable bonds, local grants and economic support, as well as defined deferral and subordination mechanics of the management and development fees, BB&T was successfully able to market and place the bond to nine institutional investors along with a strong retail distribution. BB&T Capital Markets was able to leverage its industry leading distribution capabilities and established relationships with institutional buyers to broaden Zerga’s geographic offering and continue their planned growth initiatives.

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