November 8, 2018
WHEFA Bond Financing Helps
Milwaukee Regiona Medical Center Thermal Service, Inc. Refinance and Update in Wauwatosa
Bonds Underwritten by Piper Jaffray & Co.
“Access to tax-exempt financing allowed MRMC Thermal to acquire the thermal plant that serves the campus and make significant improvements to the facilities, equipment and distribution system. The improvements modernized the 60-year-old plant, reduced emissions, improved reliability and created capacity for future growth while minimizing utility cost increases to the non-profit healthcare, education and research organizations on the MRMC campus. The refinancing will reduce the cost of financing the improvements so these organizations can direct more funds toward investments which serve their missions.”
– Robert W. Mlynarek, Vice President of Finance
Milwaukee Regional Medical Center
Bond financing facilitated by WHEFA was used to help Milwaukee Regional Medical Center Thermal Service, Inc. (MRMC Thermal) refinance bonds previously issued by WHEFA in 2016. Bond proceeds will also be used for the replacement of coal fired boilers with gas fired boilers and other improvements to the power plant and distribution system serving the Milwaukee Regional Medical Center campus located in Wauwatosa, Wisconsin. This federally tax-exempt financing process has enabled MRMC Thermal to operate more effectively by financing its capital expenses at low interest rates (4.00-5.00%).
WHEFA is proud to continue its mission of assisting all eligible Wisconsin non-profit institutions to obtain and maintain access to tax-exempt financing in order to finance or refinance their capital improvement and expansion needs.