Author: Tabitha Waller

Hospital M&A Outlook: Remainder of 2022 and Beyond

Copyright 2022, American Health Law Association, Washington, DC. Reprint permission granted. 2022 began with a significant level of uncertainty, and the same uncertainty looms over the hospital M&A market. COVID continues to be unpredictable, and it is unclear what “normal” volume levels will look like, especially in certain statistics such as emergency department activity. Contract … Continued

Beaumont Spectrum Consolidation Series 2022A and 2022B

Pricing Date: April 28, 2022 Settlement Date: May 12, 2022 $799,000,000 Series 2022A Tax-Exempt Fixed Rate Bonds $92,000,000 Series 2022B Tax-Exempt Fixed Rate Notes Objectives In February 2022, Spectrum Health and Beaumont Health combined to create BHSH System (“BHSH”). For the inaugural financing, BHSH sought to consolidate legacy Beaumont Health debt into Spectrum Health’s capital … Continued

St. Luke’s Duluth Series 2022B Tax-Exempt Fixed Rate Bonds

Pricing Date: April 28, 2022 Settlement Date: May 12, 2022 $76,000,000 Series 2022B Tax-Exempt Fixed Rate Bonds Objectives With its 2022 financing, St. Luke’s Hospital of Duluth (“St. Luke’s”) sought to fund ~$70 million of new money capital needs to continue building phase 2 of its campus redevelopment plan. Given expected continuing interest rate increases, … Continued

Rating Agency Perspective – In-Depth Review of Moody’s Scorecard

As healthcare systems consider capital structure needs in an evolving economic and public health environment, the first question is often, “What’s our credit profile?” Rating agency “scorecards” attempt to offer transparency and consistency to what is a multi-layered quantitative and qualitative analysis. How closely do these scorecards predict actual ratings, though? Ponder has some thoughts. … Continued

Bayhealth Medical Center Series 2021A and 2021B

Pricing Date: November 16, 2021 Closing Date: December 1, 2021 $92,820,000 Series 2021A Bonds $26,340,000 Series 2021B Taxable Bonds Objectives Bayhealth Medical Center (“Bayhealth”) sought to finance: 1) $100 million of qualifying capital projects at Bayhealth’s Kent and Sussex campuses with proceeds of the tax-exempt Series 2021A Bonds, and 2) $25 million of additional improvements … Continued

Greencroft Communities Series 2021A and 2023

Pricing Date: November 10, 2021 Current Settlement Date: November 30, 2021 Expected Forward Settlement Date: August 17, 2023 $33,000,000 Series 2021A Tax-Exempt Fixed Rate Bonds $34,000,000 Series 2023 Tax-Exempt Forward Delivery Bonds Objectives Greencroft Retirement Communities (“Greencroft”) sought to take advantage of historically low interest rates and reduce interest rate risk by forward refunding its … Continued