$209,005,000 WHEFA Bond Financing Helps Marshfield Clinic Health System, Inc.
209,005,000 WHEFA Bond Financing Helps Marshfield Clinic Health System, Inc.
Renovate and Refinance in Marshfield, Wausau, and Eau Claire
“We appreciate the partnership with WHEFA in enabling us to fulfill our mission to create healthy communities through accessible, affordable, and compassionate healthcare. The proceeds from this issuance supported projects that will improve the overall patient experience, reduce the cost of health care and create jobs in our communities, as well as reduce interest costs. It was a pleasure working with the professional and responsive staff of WHEFA.”
— Gordon Edwards, CFO, Marshfield Clinic Health System, Inc.
These projects will create approximately 240 permanent jobs with an annual payroll of $10.5 million. Additionally, approximately 350 construction jobs will be created.
Marshfield Clinic Health System, Inc. employs approximately 7,400 full-time equivalents in Wisconsin.
Bond financing facilitated by WHEFA will be used to help Marshfield Clinic Health System, Inc. (MCHS) finance or reimburse the costs associated with the construction, renovation, remodeling, expansion and equipping of various facilities of MCHS and its affiliates, including but not limited to, upgrades and expansion of ambulatory surgery centers and the build-out of Comfort and Recovery Suites (CAReS) in Marshfield, Wausau and Eau Claire, and upgrades to the interventional radiology, radiation oncology, operating rooms and hyperbaric unit at the Marshfield clinic main campus, as well as upgrades to HVAC and chiller plant, system wide signage, addition or renovation of patient care rooms, and replacement/rebuilding of major facility infrastructure components at various health care facilities of MCHS and its affiliates. Bond proceeds were also used refinance bonds previously issued by WHEFA in 2006 and certain other indebtedness. The net present value savings following the refinancing was approximately $1.9 million. This federally tax-exempt financing process has enabled MCHS to operate more effectively by financing its capital expenses at lower interest rates (3.50-5.00%).
WHEFA is proud to have been able to assist MCHS 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 P. Reilly | Executive Director | p: 262.792.0466 | e: info@whefa.com
About WHEFA
WHEFA fulfills 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 by issuing federally tax-exempt bonds. Since inception, WHEFA has provided 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.
