Seattle Cancer Care Alliance
Application Acceptance: January 16, 2020. Please note all information provided below is as of the date of the application submission with the exception of Loan Size & Closing Date.
Obligor: The Seattle Cancer Care Alliance is a cancer treatment center that was formed in 1998 by the Fred Hutchinson Cancer Research Center, The University of Washington and Seattle Children’s Healthcare System for purposes of developing and offering a comprehensive program of integrated cancer care services. SCCA offers a variety of treatment options for malignant and non-malignant oncology diseases to both adult and pediatric patients. The services include, but are not limited to, medical oncology, genetic sequencing, medical imaging, and a variety of other services.
Loan Size: $232,925,000
Description of Loan: Proceeds of the loan will be used to (1) construct and equip an expansion to their South Lake Union clinic; (2) reimbursement for prior capital expenditures; (3) potentially refinance two series of outstanding bonds; and (4) to pay issuance costs.
Interest Cost Savings: Based on current market conditions and assuming the bonds for the new money component will be issued as fixed-rate debt, SCCA expects to save approximately $6.6 million over the life of the bonds by utilizing tax-exempt financing through the Authority as compared to financing on a non tax-exempt basis. This estimate does not include potential savings from the refinancing of the WHCFA Variable Rate Revenue Bonds, Series 2010 (SCCA). Once the refinancing structure is confirmed, the savings estimate will be updated.
Underwriter: J.P. Morgan and Barclays
Closing Date: July 8, 2020