August 28, 2019
$34,450,000 Series A
$5,730,000 Series B
WHEFA Bond Financing Helps Rogers Memorial Hospital, Inc. Construct, Renovate and Refinance in Oconomowoc and West Allis
Bonds Underwritten by B.C. Ziegler and Company
“Having access to low-cost financing is critical in supporting our mission to provide highly effective mental health and addiction treatment services. Rogers Behavioral Health is grateful for WHEFA’s financing assistance and to Governor Tony Evers and the state legislature for recognizing the importance of the state tax exemption. Through this financing option, we were able to efficiently fund our facility expansion projects, allowing Rogers to extend our life-saving care to serve more patients.”
– Arnold Stueber, Chief Financial Officer,
Rogers Behavioral Health
The project will create approximately 156 permanent jobs with an annual payroll of $7.8 million. Approximately 120 construction jobs will be created as well. 39 total jobs will be retained with an annual payroll of over $2.4 million. Rogers employs approximately
1,903 full-time equivalents in Wisconsin.
Bond financing facilitated by WHEFA will be used to help Rogers Memorial Hospital, Inc. (d/b/a Rogers Behavioral Health) finance costs associated with construction, renovation and equipping of a three-story 62-bed residential expansion to the main hospital and a 24-bed expansion for eating disorder treatment on the Oconomowoc campus, a 28-bed expansion for depression and addiction recovery on the West Allis campus, as well as the construction and equipping of educational space located adjacent to the Oconomowoc campus and the construction a 24-bed supportive living facility located on a 10-acre parcel of land in Oconomowoc. Bond proceeds were also used to refinance a portion of the outstanding debt previously issued by WHEFA in 2014. This tax-exempt financing process has enabled the Rogers to operate more effectively by financing and refinancing its capital expenses at a low interest rate (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.
