October 5, 2016
WHEFA Bond Financing Helps Marshfield Clinic
Health System Renovate and Refinance in Marshfield, Wausau, and Eau Claire
“We appreciate the partnership with WHEFA in enabling us to fulfill our mission to create healthy communities through accessible, affordable, and compassionate healthcare. The proceeds from this issuance supported projects that will improve the overall patient experience, reduce the cost of health care and create jobs in our communities, as well as reduce interest costs. It was a pleasure working with the professional and responsive staff of WHEFA.”
— Gordon Edwards, CFO
Marshfield Clinic Health System, Inc.
Bond financing facilitated by WHEFA will be used to help Marshfield Clinic Health System, Inc. (MCHS) finance or reimburse the costs associated with the construction, renovation, remodeling, expansion and equipping of various facilities of MCHS and its affiliates, including but not limited to, upgrades and expansion of ambulatory surgery centers and the build-out of Comfort and Recovery Suites (CAReS) in Marshfield, Wausau and Eau Claire, and upgrades to the interventional radiology, radiation oncology, operating rooms and hyperbaric unit at the Marshfield clinic main campus, as well as upgrades to HVAC and chiller plant, system wide signage, addition or renovation of patient care rooms, and replacement/rebuilding of major facility infrastructure components at various health care facilities of MCHS and its affiliates. Bond proceeds were also used refinance bonds previously issued by WHEFA in 2006 and certain other indebtedness. The net present value savings following the refinancing was approximately $1.9 million. This federally tax-exempt financing process has enabled MCHS to operate more effectively by financing its capital expenses at lower interest rates (3.50-5.00%).
WHEFA is proud to have been able to assist MCHS by reducing their overall debt service and allowing them to grow and compete by providing access to low-cost private capital.