November 27, 2019
WHEFA Bond Financing Helps St. Camillus Health System, Inc. Expand and Refinance in Wauwatosa
Bonds Underwritten by B.C. Ziegler and Company & BB&T Capital Markets
“By having access to tax exempt financing through WHEFA we are able to have affordable access to capital that enable nonprofits like St. Camillus to continue our Missions. This is extremely beneficial for institutions that operate in environments that have fixed or governmental funded revenues like Medicare and Medicaid. By having lower interest rates on our capital, we are able to employ more staff, pay our staff competitive wages and benefits, enable us to fund capital expenditures and repairs on our facilities as well as other items that enable us to stay competitive in an environment that experiences increased activity from for-profit providers that have the ability to raise capital by other means.”
– Kevin Schwab, Chief Executive Officer
St. Camillus Health System, Inc.
Bond financing facilitated by WHEFA will be used to help St. Camillus Health System finance the expansion of its community, including the construction of a new 15-story apartment building with 168 independent living units. Bond proceeds were also used to refinance bonds previously issued by WHEFA. This federally tax-exempt financing process has enabled St. Camillus Health System to operate more effectively by financing and refinancing its capital expenses at low interest rates (all-in true interest cost of 4.63%).
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.