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‘Private Activity Bond’ Financing Helps Bellin Memorial Hospital

Wisconsin Health & Educational Facilities Authority

December 14, 2022

Another Successful Private Activity Bond Financing

$130,000,000 WHEFA Bond Financing Helps Bellin Memorial Hospital, Inc. Construct and Renovate in Ashwaubenon and Green Bay

Bonds underwritten by BofA Securities, Inc. and Piper Sandler & Co.

“Bellin is extremely appreciative of the opportunity to work with WHEFA.  As a result of the extremely efficient process, we were able to complete our public financing in a short period of time.  The project Bellin is financing will grow the number of healthcare jobs in Northeastern Wisconsin and we will be able to take care of more people through this expansion.  Finally, the ability to improve a blighted location within our community will lead to further development in this area.  Because the area was blighted we are also able to issue all of the bonds as both federal and state tax exempt which will afford a lower cost of issuance for the organization.

                 – James Dietsche, EVP-Chief Financial Officer, Bellin Health Systems, Inc.

Bellin Health Systems employs 4,085 full-time equivalents in Wisconsin

70 Permanent Jobs Created 150 Construction Jobs Created 4,085 FTE Employees

Bond financing facilitated by WHEFA will be used to help Bellin Memorial Hospital, Inc. (the “Hospital”) construction Phase I of a five-story, approximately 256,000 square foot building that includes development of a free-standing ambulatory surgery center and multi-specialty clinic in the Village of Ashwaubenon, Wisconsin. Bond proceeds are also expected to be used to finance a portion of a nursing unit project at the Hospital in Green Bay, Wisconsin.  This tax-exempt financing enabled the Hospital to operate more effectively by financing its capital expenses at a low interest rate

WHEFA is proud to continue its mission of assisting all eligible Wisconsin nonprofit institutions to obtain and maintain access to tax-exempt financing in order to finance their capital improvement and expansion needs.


Since inception, WHEFA has provided 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.



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