December 17, 2015
WHEFA Bond Financing Helps Bay Area Medical Center, Inc. Construct a Replacement Hospital
“Although we will be paying for a substantial part of this project with Bay Area Medical Center cash reserves and dollars invested in BAMC by Aurora Health Care, our ability to obtain tax-exempt financing through WHEFA offers us substantial benefits. The competitive interest rates and terms of the bonds will give us the ability to meet key conditions our board set for this project, including scope, cost and ability to meet our debt obligations moving forward. The cost of issuing the bonds was also a very attractive element of this financing.”
– Ed Harding, President and CEO
Bay Area Medical Center, Inc.
Bond financing facilitated by WHEFA will help finance the acquisition, construction, remodeling, renovation and equipping of a replacement hospital and medical clinic facilities on an approximately 90-acre parcel in the Town of Peshtigo, Wisconsin. Construction of the new hospital is expected to begin in the spring of 2016 and be completed by April 2018. This federally tax-exempt financing process has enabled Bay Area Medical Center to operate more effectively by financing its capital expenses at a lower interest rate (initially 2.57%).
WHEFA is proud to have been able to assist Bay Area Medical Center by reducing their overall debt service and allowing them to grow and compete by providing access to low-cost private capital.