$85,600,000 WHEFA bond financing helps Bay Area Medical Center, Inc. construct a replacement hospital
“Although we will be paying for a substantial part of this project with Bay Area Medical Center cash reserves and dollars invested in BAMC by Aurora Health Care, our ability to obtain tax exempt financing through WHEFA offers us substantial benefits, The competitive interest rates and terms of the bonds will give us the ability to meet key conditions our board set for this project, including scope, cost and ability to meet our debt obligations moving forward. The cost of issuing the bonds was also a very attractive element of this financing.”
– Ed Harding, President and CEO Bay Area Medical Center, Inc.
This project will create 25 permanent jobs with an annual payroll of $1.3 million, as well as 600 construction jobs. 680 total jobs will be retained with an annual payroll of $49.5 million.
Bay Area Medical Center employs approximately 606 full-time equivalents inWisconsin.
Bond financing facilitated by WHEFA will help finance the acquisition, construction, remodeling, renovation and equipping of a replacement hospital and medical clinic facilities on an approximately 90-acre parcel in the Town of Peshtigo, Wisconsin. Construction of the new hospital is expected to begin in the spring of 2016 and be completed by April 2018. This federally tax-exempt financing process has enabled Bay Area Medical Center to operate more effectively by financing its capital expenses at a lower interest rate (initially 2.57%).
WHEFA is proud to have been able to assist Bay Area Medical Center by reducing their overall debt service and allowing them to grow and compete by providing access to low-cost private 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 36 years, WHEFA has been quietly fulfilling its mission of assisting Wisconsin’s non-profit institutions to obtain access to low-cost capital in order to finance or refinance their building and equipment improvements and expansion needs. During this time, WHEFA has issued over $22 billion of federally tax-exempt bonds to provide several hundred Wisconsin non-profit 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
