$18,615,000 WHEFA bond financing to help Vernon Memorial Healthcare, Inc. refinance in Viroqua
Wisconsin Health & Educational Facilities Authority
NEWS ADVISORY
$18,615,000 WHEFA bond financing to help Vernon Memorial Healthcare, Inc. refinance in Viroqua
“Tax-exempt financing can be a daunting undertaking for any organization. Healthcare organizations in Wisconsin are extremely fortunate to have WHEFA to assist with the process, and it was great to work with them again during our recent re-financing. The staff was professional, knowledgeable and extremely helpful as we worked through the process. They were always available and were instrumental in achieving a very positive outcome for our organization. “
– Mary Koenig, Chief Financial Officer Vernon Memorial Healthcare, Inc
Vernon Memorial Healthcare employs approximately 420 full-time equivalents in Wisconsin.
Bond financing facilitated by WHEFA was used to help Vernon Memorial Healthcare refinance bonds previously issued by WHEFA in 2005. The net present value savings following the refunding is approximately $2.58 million. This federally tax exempt financing process has enabled the borrower to operate more effectively by refinancing its capital expenses at lower interest rates (4.00 – 5.00%).
Vernon Memorial Healthcare, incorporated in 1946, owns and operates a critical access designated acute care hospital located in the City of Viroqua, Wisconsin. Vernon Memorial Healthcare also owns and operates four physician clinics in La Farge, Soldiers Grove, Westby and Viroqua, Wisconsin.
WHEFA is proud to have been able to assist Vernon Memorial Healthcare by reducing their overall debt service and allowing them to grow and compete by providing access to low cost capital.
For more information visit our website at www.whefa.com or please contact:
Dennis Reilly | Executive Director
p: 262.792.0466 | e: info@whefa.com
About WHEFA
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.
www.whefa.com |18000 West Sarah Lane, Suite 300, Brookfield, WI 53045 | 262.792.0466
