WHEFA Bond Financing to Help Hospital Sisters Services, Inc. refinance in northern Wisconsin
Hospital Sisters Services, Inc.
Bond financing facilitated by WHEFA was used to help Hospital Sisters Services refinance bonds previously issued by WHEFA in 2012 on behalf of certain Hospital Affiliates located in Wisconsin. Proceeds were also used to refinance certain other bonds previously issued in 2012 on behalf of certain Hospital Affiliates located in Illinois. This federally tax exempt financing process has enabled the borrower to operate more effectively by refinancing its capital expenses at low interest rates (0.23-3.35%).
Hospital Sisters Services, an Illinois not for profit corporation, is the sole member of thirteen tax-exempt corporations (referred to collectively as the Hospital Affiliates) that own and operate acute care hospitals, eight located in Illinois and five located in Wisconsin. The Hospital Affiliates located in Illinois currently are licensed to operate 1,497 acute care beds, and the Hospital Affiliates located in Wisconsin currently are approved for 1,421 acute care beds.
The Wisconsin Hospital Affiliates include St. Joseph’s Hospital, Chippewa Falls; Sacred Heart Hospital, Eau Claire; St. Mary’s Hospital Medical Center, Green Bay; St. Vincent Hospital, Green Bay; and St. Nicholas Hospital, Sheboygan.
WHEFA is proud to have been able to assist Hospital Sisters Services and allowing them to grow and compete by providing access to low cost capital.
For over 35 years WHEFA has been quietly fulfilling its mission of assisting Wisconsin’s nonprofit institutions to obtain access to low-cost capital in order to finance their building and equipment improvement and expansion needs. During this time, WHEFA has issued over $20 billion of federally tax-exempt bonds to provide several hundred Wisconsin nonprofit corporations access to private and public capital markets at lower costs than are available to them in the conventional marketplace.
Pursuant to Section 231.10 of the Wisconsin Statutes, bonds issued by WHEFA are not considered indebtedness of the State of Wisconsin, and the State has no obligation to repay any bonds issued by WHEFA under any circumstances. Additionally, WHEFA does not utilize any State moneys to fund its operations.
