Category: Case studies

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

Front Porch Series 2021A and 2021B

Pricing Date: August 19, 2021 Closing Date: September 9, 2021 $199,000,000 Series 2021A Tax-Exempt Fixed Rate Bonds $107,000,000 Series 2021B Taxable Fixed Rate Bonds Objectives Front Porch Communities and Services (“Front Porch”) acquired Covia Group (“Covia”) in April 2021 and sought to consolidate outstanding debt into one obligated group and Master Trust Indenture with the … Continued

Lakeland Regional Health Series 2021 Bonds

Pricing Date: July 15, 2021 Closing Date: August 17, 2021 $225,710,000 Series 2021 Bonds Objectives Lakeland Regional Health (“LRH”) sought to finance a payment to the City of Lakeland in connection with amending its existing lease in perpetuity, the construction of a 96-bed behavioral health facility and a current refunding of its 2011 Bonds. Challenges … Continued

Gunderson Series 2021A Tax-Exempt Fixed Rate Bonds

Bond Sale Date: July 14, 2021 Expected Closing Date: August 12, 2021 $99,550,000 Series 2021A Tax-Exempt Fixed Rate Bonds Objectives Gundersen Health System (“Gundersen”) took advantage of historically attractive market conditions to refinance its Series 2011A bonds to significantly reduce interest expense. As part of the financing, Gundersen also implemented a new, more flexible Master … Continued

North Mississippi Health System Series 2021

Pricing Date: July 20, 2021 Closing Date: July 26, 2021 $200,000,000 Series 2021 Taxable Bonds Objectives With the decline in taxable interest rates, North Mississippi Health System (“NMHS”) decided to bolster its balance sheet and borrow strategic debt for general corporate purposes and strengthen its competitive position. Challenges Due to recent uptrends in COVID-19 rates, … Continued

Texas Children’s Series 2021A, 2021B, 2021C, and 2021D Bonds

Pricing Date: June 30, 2021 $264,000,000 Series 2021A Tax-Exempt Fixed Rate Bonds $71,000,000 Series 2021B Put Bonds $100,000,000 Series 2021C VRDB with SBPA $90,000,000 Series 2021D Bank DP Objectives Texas Children’s (“TCH”) opted to finance $300 million of its hospital expansion in Austin with the 2021 plan of finance. Given the work being performed for … Continued

Appalachian Regional Healthcare System Series 2021A Bonds

Pricing Date: March 10, 2021 Closing Date: March 24, 2021 $114,505,000 Series 2021A Bonds Objectives Appalachian Regional Healthcare System (“ARHS”) sought to finance the expansion of its main hospital facility, Watauga Medical Center, which included four new floors, extensive renovations, the construction of a new central energy plant, and other associated projects/site improvements. Challenges Financing … Continued

Grand View Hospital Series 2021 Bonds

Bond Sale Date: February 23, 2021 Closing Date: March 11, 2021 $285,000,000 Series 2021 Bonds Objectives Grand View Hospital (”GVH”) sought to finance a $184 million inpatient pavilion, refinance $98 million of variable rate demand debt and terminate two interest rate swaps. The inpatient pavilion will provide an advanced platform for delivery of more specialized … Continued

New Hanover Regional Medical Center Assets Acquired by Novant Health

Transaction Announcement Ponder & Co. is pleased to announce that Novant Health has acquired the assets of New Hanover Regional Medical Center (“NHRMC”) following a public evaluation process that began in September 2019. The agreement with Novant Health was unanimously recommended by a Partnership Advisory Group (“PAG”) selected to represent the community, medical staff and … Continued

CaroMont Health Series 2021A and 2021B Bonds

Pricing Date: January 20, 2021 Closing Date: February 10, 2021 $40,950,000 Series 2021A Bonds $64,310,000 Series 2021B Bonds Objectives CaroMont Health (“CaroMont”) sought to take advantage of the current low-rate environment to finance construction of a critical care patient tower on their main hospital campus in Gastonia, NC, while leveraging their substantial liquidity position to … Continued