$29,600,000 WHEFA bond financing helps Reedsburg Area Medical Center, Inc. construct, renovate and refinance in Reedsburg
Bonds Placed with First Madison Investment Corporation, a wholly owned subsidiary of First Business Bank
“We appreciate the opportunity to work with WHEFA for our tax-exempt financing. Access to tax-exempt financing clearly makes these projects affordable, especially in today’s challenging healthcare environment. Dennis Reilly and his staff at WHEFA are great to work with and very helpful throughout the entire process.”
– Robert Van Meeteren, Chief Executive Officer Reedsburg Area Medical Center, Inc.
These projects will create approximately 150 construction jobs. 501 total jobs will be retained with an annual payroll of over $33 million.
Reedsburg Area Medical Center, Inc. employs approximately 501 full-time equivalents in Wisconsin.
Bond financing facilitated by WHEFA will be used to help Reedsburg Area Medical Center, Inc. finance the construction and equipping of a new lab, a new pharmacy, new sleep labs, and a new central utility plant and penthouse to include boilers and chillers all located at the Medical Center in Reedsburg, Wisconsin, as well as various other renovations to its hospital, specialty clinic and other related health care facilities. Bond proceeds were also used to refinance bonds previously issued by WHEFA in 2010. The net present value savings following the refinancing was approximately $233,000. This federally tax-exempt financing process has enabled Reedsburg Area Medical Center, Inc. to operate more effectively by financing and refinancing its capital expenses at a lower interest rate (initially 3.96%).
WHEFA is proud to have been able to assist Reedsburg Area Medical Center, Inc. reduce their overall debt service 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.
