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BOWLING GREEN, OHIO (March 19, 2013) – Lancaster Pollard, a national financial services firm headquartered in Columbus, Ohio, that provides capital funding to health care, senior living and housing providers, recently closed on a $54 million refunding and financing for Wood County Hospital in Bowling Green, according to Kass Matt, senior vice president and regional manager. The firm was responsible for underwriting the bond offering.
The private nonprofit hospital considered a refunding of $43 million in variable rate demand bonds issued in 2008 and backed by an expiring, five-year letter of credit.
"Our focus was to reexamine risk given changes in the capital markets since we last underwrote bonds for the organization," Matt said. "Lancaster Pollard worked closely with Wood County Hospital's leadership to consider available restructure options and recommend the best choice to address several risks inherent in their current letter-of-credit-backed bonds."
Wood County took advantage of the strong health care market for rated credits and exceptionally low interest rates to issue tax-exempt, fixed-rate, 30-year bonds for refunding the 2008 issue and funding $8.5 million in new money to finance a new cancer treatment center and other capital projects. Proceeds also funded a debt service reserve fund, the cost of the issuance as well as to terminate an interest rate swap on a portion of the 2008 bonds.
Wood County Hospital is a 196-bed general acute care facility. It serves a population of over 72,000 in Wood, Henry, Seneca, Sandusky and Hancock counties in Northwest Ohio.
For more information about the Wood County Hospital financing, visit www.lancasterpollard.com/hospital-financing.aspx.
About Lancaster Pollard
Lancaster Pollard helps health care, senior living and housing organizations expand and improve their services by providing financing solutions. The firm offers a full range of investment banking, mortgage banking and investment advisory services and has one of the largest groups of financial professionals dedicated to health care in the country. As a leading underwriter of bonds and mortgages, Lancaster Pollard has earned a reputation for delivering sound financial advice and the most cost-effective financing options available in the market.