$34,425,000 WHEFA bond financing helps Franciscan Sisters of Christian Charity construct a new clinic for Holy Family Memorial, Inc. in Two Rivers and refinance in Manitowoc and Kaukauna
Bonds Underwritten by Barclays
“This financing not only provided us significant refinancing savings and funds to finance a new clinic, but allowed us to smooth out and secure our total debt service over a longer term with a reduction in annual debt service of approximately $1.6 million per year through 2027.”
– James Vopat, Senior Vice President, Finance for Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.
This project created 110 construction jobs and will provide operating efficiencies through the combination of three clinics into one, while retaining 29 jobs with an annual payroll of $ 1.8 million.
Franciscan Sisters of Christian Charity Sponsored Ministries employs approximately 1,300 full-time equivalents in Northeastern Wisconsin.
Bond financing facilitated by WHEFA will help Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. (“Franciscan”) finance the building and implementing of a new 15,000 square-foot clinic in Two Rivers, Wisconsin, for Holy Family Memorial, Inc. Bond proceeds were also used to refinance bonds previously issued by WHEFA in 2007. The net present value savings following the refinancing was approximately $3.4 million. This federally tax-exempt financing process has enabled Franciscan to operate more effectively by financing its capital expenses at lower interest rates (1.42-3.66%).
WHEFA is proud to have been able to assist Franciscan 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 all eligible Wisconsin non-profit institutions to obtain and maintain access to tax-exempt financing in order to finance or refinance capital improvement and expansion needs. 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.
