Northwest Kidney Center
Application Acceptance: February 11, 2021. Please note all information provided below is as of the date of the application submission with the exception of Loan Size & Closing Date.
Obligor: Northwest Kidney Centers (NKC) is a Washington not-for-profit corporation providing outpatient dialysis services at 18 facilities located within King County, one facility located in Pierce County, one facility located in Clallam County, supporting a total of 346 licensed stations and a home dialysis program for eligible patients. In addition, NKC provides inpatient dialysis services at eight hospitals. NKC services are supported by a staff of 670 full time equivalents and an active medical staff comprised of 64 physicians.
Loan Size: $79,900,000
Description of Loan: Proceeds of the loan will be used to (a) refinance the WHCFA Series 2018A & Series 2019 Bonds, a taxable loan & short term commercial loan held by U.S. Bank National Association; (b) fund the acquisition and construction costs of an 11 station outpatient dialysis center in Kent, WA, a new dialysis center in Port Angeles, WA for their existing 10 station Port Angeles Kidney Center, a new Seattle Kidney Center that will consolidate three existing facilities in downtown Seattle; (c) reimburse NWKC for design, planning & permitting costs; and (d) pay costs of issuance.
Interest Cost Savings: NKC estimates that it will save approximately $5,200,000 over the life of the loan based on current estimated taxable interest rates versus tax-exempt interest rates. This avoided interest expense will favorably impact the future pricing for NKC patient services, to the benefit of NKC patients and the community.
Placement Agent: Stifel
Closing Date: May 21, 2021