August 11, 2017
WHEFA Bond Financing Helps Franciscan Sisters of Christian Charity Construct a New Clinic for Holy Family Memorial, Inc. in Two Rivers & Refinance in Manitowoc & Kaukauna
Bonds Underwritten by Barclays
“This financing not only provided us significant refinancing savings and funds to finance a new clinic, but allowed us to smooth out and secure our total debt service over a longer term with a reduction in annual debt service of approximately $1.6 million per year through 2027.”
– James Vopat, Senior Vice President, Finance
Franciscan Sisters of Christian Charity
Sponsored Ministries, Inc.
Bond financing facilitated by WHEFA will help Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. (“Franciscan”) finance the building and implementing of a new 15,000 square-foot clinic in Two Rivers, Wisconsin, for Holy Family Memorial, Inc. Bond proceeds were also used to refinance bonds previously issued by WHEFA in 2007. The net present value savings following the refinancing was approximately $3.4 million. This federally tax-exempt financing process has enabled Franciscan to operate more effectively by financing its capital expenses at lower interest rates (1.42-3.66%).
WHEFA is proud to have been able to assist Franciscan by reducing their overall debt service and allowing them to grow and compete by providing access to low cost private capital.