Tax-Exempt Bond Underwriting & Sales

Tax-exempt bond underwriting and sales has been a core product for the firm since its inception. For the ten years 2000 - 2009 Cain Brothers was the sole or senior manager of more than $6.2 billion of tax-exempt health care transactions. Cain Brothers also serves as remarketing agent on approximately $1.4 billion of variable rate securities. Cain Brothers assists its clients in all stages of the financing process from capital planning, to identifying credit support where appropriate, to transaction execution. The firm's underwriting and financial advisory clients cover the full spectrum of the not-for-profit sector, ranging from many of the nation's high profile health care systems to independent hospitals and long-term care providers, as well as physician groups. Cain Brothers is a leader in the area of senior living and long-term care, ranking consistently among the top firms nationally in underwriting tax-exempt bonds in this sector. In 2006, the firm successfully closed the largest ever tax-exempt bond issue for a start-up nonprofit continuing care retirement community; and in 2007 the firm completed a $302 million CCRC financing for Oshman Family Jewish Community Center and 899 Charleston, which was the largest Jewish-sponsored financing and one of the largest tax-exempt senior living financings in the U.S. In 2008, Cain Brothers completed the first self-credit enhanced financing for a CCRC start-up in history with the $93.6 million bond offering for the Acacia Creek at Union City Project. In 2009, Cain Brothers arranged one of the first Federal Home Loan Bank System "wraps" of a commercial bank LOC in order to enhance the credit level of Canterbury on-the-Lake's $21 million of bonds, which Cain Brothers underwrote.

Cain Brothers' focus on and expertise in the health care industry provides distinct advantages in the sales and distribution of our clients' securities to the market. The unique nature of the health care industry relative to the rest of the municipal bond industry naturally requires specialized expertise and personnel. As a result, the firm's health care focus allows us to target and develop close relationships with an extensive network of research analysts, portfolio managers, and traders who invest in the sector. Cain Brothers calls on the entire spectrum of health care investors including every major bond fund, numerous trust departments, investment advisers, and insurance companies.



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