Author: Tabitha Waller

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

South Broward Hospital District Series 2021A and 2021B

Pricing Date: November 9, 2021 Closing Date: November 18, 2021 $200,000,000 Series 2021A Tax-Exempt Bonds $50,000,000 Series 2021B Taxable Bonds Objectives South Broward Hospital District (“SBHD”) d/b/a Memorial Healthcare System desired to finance the expansion at it’s Joe DiMaggio Children’s Hospital, the construction of a cancer institute and women’s pavilion, and other capital projects. Challenges … Continued

DCH Health Care Authority Series 2021A Bonds

Pricing Date: October 28, 2021 Closing Date: November 17, 2021 $31,555,000 Series 2021A Bonds Objectives The DCH Health Care Authority (“DCH”) took advantage of low tax-exempt interest rates to finance construction of a replacement parking garage at its Tuscaloosa Medical Center campus while also putting in place a new Master Trust Indenture. Challenges Weaker FY2021 … Continued

The Guthrie Clinic Series 2021 B, C & D

Pricing Date: October 20, 2021 Closing Date: November 3, 2021 $90,540,000 Series 2021B Tax-exempt Bonds $101,840,000 Series 2021C Taxable Bonds $41,570,000 Series 2021D R-Floats Objectives The Guthrie Clinic (“Guthrie”) sought to: 1) finance $100 million of qualifying capital projects at various Guthrie campuses through the tax-exempt 2021B financing, 2) raise $100 million for general corporate … Continued

Sentara Healthcare Series 2021 and 2021A

Pricing Date: October 7, 2021 Closing Date: October 14, 2021 $156,035,000 Series 2021A Tax-Exempt Bonds $300,000,000 Series 2021 Taxable Bonds Opportunities The Series 2012A fixed rate bonds provide refunding savings potential, but are not currently callable until August 2022. Fast growing health system in Virginia/North Carolina with potential for future expansion. Historically low leverage and … Continued

Q3 2021 M&A Activity

Fewest announced change of control transactions in over a decade Absence of small- and mid-sized community hospitals weighs down quarterly totals to lowest amount since Q4 2009. Beginning with a slow pace in July and August with only four announced transactions, activity declined in Q3 2021 with 12 announced transactions, which is the lowest quarterly … Continued

Southeast Alaska Regional Health Consortium Series 2021

Pricing Date: September 22, 2021 Closing Date: September 30, 2021 $300,000,000 Series 2021 Taxable Bonds Objectives Southeast Alaska Regional Health Consortium (“SEARHC”) is financing the modernization of its health care campus in Sitka in conjunction with a joint venture with Indian Health Services. SEARHC strove to attain the necessary funding at the lowest cost and … Continued

Altru Health System Series 2021 Bonds

Pricing Date: September 9, 2021 Closing Date: September 28, 2021 $400,000,000 Series 2021 Bonds Objectives Altru Health System (“Altru”) sought to finance its replacement hospital project and lower the cost of its existing debt. By issuing long-term fixed rate tax-exempt bonds, Altru hoped to achieve a low cost, low risk capital structure, and a flexible … Continued

St. Luke’s Hospital of Duluth Series 2021A and 2022A

Pricing Date: August 24, 2021 Current Settlement Date: September 9, 2021 Expected Forward Settlement Date: March 17, 2022 $15,000,000 Series 2021A Tax-Exempt Fixed Rate Bonds $49,000,000 Series 2022A Tax-Exempt Forward Delivery Bonds Objectives St. Luke’s Hospital of Duluth (“St. Luke’s”) sought to take advantage of historically low interest rates and reduce interest rate risk by … Continued