Author: Tabitha Waller

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

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