Loans in Process
| Obligor: | Northwest Kidney Centers (NKC) is a Washington not-for-profit organization comprised of kidney dialysis centers, with 11 locations in King County and 1 location in Clallam County. NKC currently is licensed for and operates 227 dialysis stations. |
| Loan Size: | $5,200,000 |
| Description of Loan: | Funds will be used for leasehold improvements and equipment at two new facilities; (1) SeaTac Kidney Center at 17900 International Blvd. SeaTac, WA, and (2) Seattle Kidney Center at 15th and Cherry Street, in Seattle, WA. |
| Interest Cost Savings: | TBD |
| Underwriter: | Quick Loan with Key Government Finance, Inc. |
| Closing Date: | TBD |
| |
| Obligor: | MultiCare Health System is a community, not-for-profit network of hospitals and health care organizations that began with Tacoma General Hospital in 1882 and now consists of three Tacoma-based and one Puyallup-based hospitals with 818 licensed beds and over 1,400 medical and other staff. |
| Loan Size: | $240,000,000 |
| Description of Loan: | Approximately $120 million of the proposed loan will be used to refinance and retire bonds issued through the Authority in 1998 for MultiCare Health System. The balance of $120 million is for the construction of a new patient care tower at Good Samaritan Hospital in Puyallup. |
| Interest Cost Savings: | $26 million over the life of the loan based on current taxable interest rates versus tax-exempt interest rates |
| Underwriter: | Merrill Lynch |
| Closing Date: | May 2008 |
| |
| Obligor: | Community Health Centers of King County provides primary health care services including dental, medical and pharmaceutical services for uninsured and underinsured people in King County. |
| Loan Size: | $7,700,000 |
| Description of Loan: | Reimbursement of prior expenditures and funding for the purchase and renovation of a building at 955 Powell Avenue SW, Renton WA owned by Community Health Center of King County (CHCKC). The 26,394 sq/ft building and land was purchased in October 2005 and the renovation of 21,294 sq/ft was completed in 2006. This building is used for central administration, healthcare outreach programs and the call center for CHCKC. In 2008, 5,100 sq/ft will be renovated for an expanded call center, centralized medical records, additional administrative space and learning space for the AT Still University partnership program to place in service in September 2008. |
| Interest Cost Savings: | $1,692,942 over the life of the loan based on current taxable interest rates versus tax-exempt interest rates |
| Underwriter: | Private Placement with Key Government Finance, Inc |
| Closing Date: | April 7, 2008 |
| |
| Obligor: | Highline Medical Center offers acute hospital care, inpatient specialty care, and a network of healthcare providers with offices throughout Southwest King County. The hospital has 269 beds on two campuses. The Main Campus is located in Burien Washington, which is ten miles south of downtown Seattle. This campus offers acute medical and surgical services, family childbirth center, oncology and radiation therapy services, ambulatory surgery center, emergency services, and cardiac catherization laboratory. The Specialty Center Campus is located in Tukwila Washington, approximately four miles northeast of the Main Campus |
| Loan Size: | $128,520,000 |
| Description of Loan: | Proceeds of the proposed bonds will finance the construction and equipment for a new Emergency Department and Patient Tower at the Main Campus; other capital equipment expenditures; refinancing of the Series 1993, Series 1998 and Series 2005 Bonds previously issued by the Authority; funding of capitalized interest during construction, funding of a Debt Service Reserve and payment of the costs of issuance. |
| Interest Cost Savings: | Over the life of the proposed financing, Highline expects to realize approximately $29 million in gross savings by financing at tax-exempt interest rates |
| Underwriter: | Banc of America Securities LLC |
| Closing Date: | July 2008 |
| |
| Obligor: | Yakima Neighborhood Health Services (YNHS) provides primary medical, dental and maternity support services from three locations, two in Yakima and one in Sunnyside. In 2007 YNHS provided health care services to 15,547 users. |
| Loan Size: | $4,000,000 |
| Description of Loan: | The loan will be to refinance the following debt: a) $2,897,000 Public Bond issue in the WACMHC bond pool issue from 2003. b) $452,000 loan held by US Bank which was use to finance the Sunnyside, WA location c) The $59,000 balance owed on the Equipment Loan from US Bank d) Refinance $512,000 of the $1,000,000 outstanding balance on the revolving line of credit |
| Interest Cost Savings: | It is anticipated by YNHS that it will reduce interest costs approximately $870,000 over traditional taxable interest rate financing |
| Underwriter: | Private Placement with HomeStreet Bank |
| Closing Date: | May 2008 |
| |
| Obligor: | SWMC is a non-profit, comprehensive regional medical center with 442 licenses beds with an active medical staff of more than 600 physicians and a staff of over 3,200 skilled professionals. It is one of only three trauma centers in the Vancouver/Portland metropolitan area. SWMC consists of two campuses and other satellite facilities and provides a full range of medical, surgical, obstetrical, rehabilitation, open heart and trauma services as well as significant outpatient services. The emergency room cares for over 100,000 patients annually. |
| Loan Size: | $140,000,000 |
| Description of Loan: | The funds will be used to refund on current basis, the Series 2004A & Series 2004B Auction Rate Bonds currently outstanding in the amount of $113,300,000. The balance will be used to pay the issuance costs, an estimated swap unwind payment and a potentially fully funded debt service reserve fund. |
| Interest Cost Savings: | In the current market, SWMC estimates that financing at tax-exempt interest rates will result in $49 million of gross savings over the life of the proposed financing |
| Underwriter: | Morgan Stanley |
| Closing Date: | TBD |
| |
| Obligor: | Catholic Health Initiatives (“CHI”) is a non-profit 501(c)(3) corporation that owns and operates 72 acute car hospitals and more than 46 other facilities, including long-term care, elder car, housing, primary care, community health service organizations, accredited nursing colleges and other facilities in 19 states. |
| Loan Size: | $121,500,000 |
| Description of Loan: | Catholic Health Initiatives seeks to refund the 2007 Series A-4, 2007 Series A-5, and 2007 Series A-6 auction rate bonds which were insured by FGIC. These bonds will be refunded with variable rate demand bonds carrying CHI’s long-term credit rating of Aa2/AA/AA, and will be supported by Corporation Liquidity provided by CHI. All series of bonds are expected to secure short-term ratings of VMIG1/A-1+/F1+ based on Corporation Liquidity. |
| Interest Cost Savings: | The present value debt service savings CHI would realize by financings $120 million over 35 years at tax-exempt rates is approximately $21.4 million |
| Underwriter: | UBS Investment Bank and JPMorgan Securities |
| Closing Date: | TBD |
| |
| Obligor: | Children’s is a regional pediatric center licensed for 250 beds. Its 250 beds are distributed among seven discrete inpatient clinical nursing units: infant/neonatal intensive care, pediatric intensive care, hematology/oncology, acute rehabilitation, psychiatric care, complex care and general medical/surgical services |
| Loan Size: | $260,225,000 |
| Description of Loan: | The loan is to give a long term tax exempt solution to the auction rate market. |
| Interest Cost Savings: | Based on current estimated taxable vs. tax exempt rates gross savings is estimated at $118 million |
| Underwriter: | Goldman, Sachs, & Co. |
| Closing Date: | TBD |
| |
Loans in Process
Home
|
Current News |
Loans in
Process | Recent Loans |
Interest Rates |
Meeting Schedule |
Meeting Agendas
Loan Programs | Our Purpose |
Loan Applications | Contact Us
Copyright Washington Health Care Facility Authority; All Rights Reserved