Category: Case studies

Sharp HealthCare Series 2020AB Bonds

Pricing Date: September 17, 2020 $340,620,000 Series 2020AB Bonds: $40,620,000 Serial Bonds (2020A) $300,000,000 Term Bonds (2020B) Objectives Sharp HealthCare (“Sharp”) sought to take advantage of the current low rate environment to fund new money projects and refund existing debt to generate cash flow and present value savings. Challenges Achieving Index-Eligible pricing given $250 million … Continued

Inova Health System Senior Notes

Pricing Date: September 2, 2020 $260,000,000 Senior Notes Due May 15, 2048 Objectives Given current favorable market conditions, Inova Health System (“Inova”) intended to take advantage of low fixed interest rates to replenish $180mm of cash used to fund purchase of campus property and pre-fund $75mm tax-exempt put bonds due in 2021. Challenges Given internal … Continued

Flagler Health + Series 2020AB Bonds

Pricing Date: August 25, 2020 Closing Date: September 1, 2020 $102,000,000 Series 2020A Bonds $66,000,000 Series 2020B Bonds Objectives Flagler Health + (“Flagler”) took advantage of current favorable market conditions to fund the construction of three health villages to provide traditional health services and dedicated green spaces underserved rapidly growing communities in St. John’s County, … Continued

Children’s National Health System Series 2020 Taxable Fixed Rate Bonds

Bond Sale Date: August 20, 2020 $300,000,000 Series 2020 Taxable Fixed Rate Bonds Objectives Given favorable market conditions, Children’s National Health System (“Children’s”) sought to take advantage of low interest rates to finance $200mm of general corporate purposes and refinance $100mm of its variable rate bank loan into fixed rate debt. Children’s had not been … Continued

United Health Services Hospital Series 2020 Tax-Exempt Fixed Rate Bonds

Bond Sale Date: August 12, 2020 Expected Closing Date: August 26, 2020 $257,495,000 Series 2020 Tax-Exempt Fixed Rate Bonds Objectives With its 2020 financing, United Health Services Hospital (“UHSH”) sought to finance the revitalization project on its Wilson campus as well as the implementation of a new EPIC IT system. In addition, UHSH sought to … Continued

Yale New Haven Series 2020 Bonds

Pricing Date: August 11, 2020 Expected Closing Date: August 18, 2020 $400,000,000 Series 2020 Bonds Objectives With its 2020 plan of finance, Yale New Haven Health (“YNHH”) sought to bolster its Balance Sheet liquidity and take advantage of low interest rates, while maintaining existing ratings and moving rapidly towards execution. Challenges With its proximity to … Continued

Boulder Community Health Series 2020 Tax-Exempt Fixed Rate Bonds

Bond Sale Date: August 5, 2020 $51,240,000 Series 2020 Tax-Exempt Fixed Rate Bonds Objectives Given favorable market conditions, Boulder aimed to take advantage of low interest rates to convert intermediate debt to long-term fixed, reimburse itself for prior capital expenditures, and remediate a portion of existing debt used to finance assets at risk of becoming … Continued

Boston Children’s Hospital Series 2020A

Pricing Date: June 29, 2020 $300,000,000 Series 2020A Bonds Objectives In the midst of a 10-year capital spending program, Boston Children’s Hospital (BCH) sought to take advantage of low interest rates to reimburse itself for capital expenditures and preserve Balance Sheet liquidity, while maintaining existing ratings and moving to a modern MTI. Challenges Similar to … Continued

Marshfield Clinic Health System Series 2020, A, B and C

Bond Sale Date: June 16, 2020 $148,583,000 Series 2020 Taxable Bonds AGM Insured $75,000,000 Series 2020A Fixed Rate Mode Bonds AGM Insured $132,745,000 Series 2020B Term Rate Mode Bonds $75,000,000 Series 2020C R-FLOATS Rate Mode Bonds Objectives Fund asset acquisitions, provide $100MM of strategic capital, reduce bank exposure via restructuring of existing debt, maintain product … Continued

Emory University Series 2020A & 2020B

Bond Sale Date: May 13 & 20, 2020 $943,750,000 Series 2020A Taxable Fixed Rate Bonds $486,470,000 Series 2020B Tax-Exempt Fixed Rate Bonds About Emory University Emory University (“Emory”) is a privately endowed national teaching, medical and research center located in Atlanta, Georgia. Emory attracts top quality students from across the nation and abroad, and had … Continued