Author: Ponder Co

Healthcare Credit Ratings Dip Amid M&A Binge

By: Alex Kacik with contributions from Eb LeMaster (Modern Healthcare online) Merger and acquisition activity is weighing on healthcare companies’ credit ratings, according to a new report. Fitch Ratings maintained a positive outlook for the industry given the solid underlying demand for healthcare products and services, particularly as the population ages. But it notes there … Continued

Augusta University Health System Series 2018 Tax-Exempt Fixed Rate Bonds

$80,945,000 Series 2018 Tax-Exempt Fixed Rate Bonds About Augusta University Health System Augusta University Health System (“AUHS”) was organized to achieve joint coordination and strategic planning among Augusta University, AU Medical Center, Inc. (“AUMC”), AU Medical Associates, Inc., Roosevelt Warm Springs Rehabilitation & Specialty Hospitals, Inc., and other affiliated health system entities. Originally built in … Continued

The Impact of Tax Reform on the Municipal Market

While private activity bonds have been spared, the 2017 Tax Cuts and Jobs Act (the “Act”) will still impact tax-exempt markets The decrease in the corporate tax rate will reduce demand for tax-exempt bonds The decrease in supply due to the loss of advance refunding bonds will be offset by the reduced demand Publicly issued … Continued

Parkview Health System Series 2017A Revenue & Refunding Bonds

Borrower Overview PHS is a physician-led regionally integrated health care delivery system providing services to 15 counties in northeast Indiana and northwest Ohio. PHS has a combined 898 licensed beds and generates over $1.5 billion in annual revenues. PHS is a network of nine hospitals with the flag ship facility located on the northwest side … Continued

Hackensack Meridian and JFK cement merger

By: Alex Kacik with contributions from Eb LeMaster (Modern Healthcare online) Hackensack Meridian Health and JFK Health finalized their merger to create a combined entity with 16 hospitals throughout New Jersey, the companies announced Wednesday. Executives of the Edison, N.J.-based systems said the marriage would allow them to expand patient access and better deliver preventive healthcare. … Continued

Trinity Health ponders acquisitions through debt offering

By: Alex Kacik with contributions from Eb LeMaster (Modern Healthcare online) Trinity Health is considering a debt offering to fund acquisitions, the company said in a regulatory filing.  The Catholic-sponsored health system, which is one of the nation’s largest not-for-profit hospital systems, said it is looking at converting all or a portion of $1.36 billion of … Continued

End of LIBOR Part 1

What you need to know before LIBOR disappears – Impact on Swaps and Variable Rate Debt The History The LIBOR scandal that emerged in 2008 highlighted a crucial flaw in the setting of LIBOR rates. Without enough direct trades from which to draw, some traders responsible for setting the rates via daily submissions were actually … Continued

Mercy Health Series 2017C Revenue Bonds

About Mercy Health Mercy, a Ponder client since 2008, is a $6 billion in revenue super regional health care system providing services in Arkansas, Kansas, Missouri, and Oklahoma. Mercy is headquartered in St. Louis and was started by the Sisters of Mercy over 150 years ago. Currently Mercy is the 5th largest Catholic health care … Continued

Vanderbilt University Medical Center Series 2017A Tax-Exempt & 2017 Taxable Bonds

Borrower Overview VUMC, a TN nonprofit, 501(c)3 corporation, is the largest comprehensive research, teaching, and patient care health system in Tennessee with 1,025 licensed beds and over $3.5 billion in annual revenues. On April 30, 2016 Vanderbilt University transferred the clinical operations, post graduate training programs, and clinical department research activities to VUMC as its … Continued