CalvertHealth

$16,539,000
Maryland Health and Higher Educational Facilities Authority
Refunding Revenue Bond
CalvertHealth Obligated Group Issue (2021)

$33,456,000
2021 Taxable Term Note from the
Obligated Group to CN Financing, Inc.

Wye River Group proudly served as CalvertHealth’s Independent Financial Advisor for this transaction.

INTRODUCTION

Founded in 1918 as Calvert Memorial Hospital, CalvertHealth is a leading provider of health care services in Calvert County, Maryland. CalvertHealth operates a 73 licensed bed acute care hospital on its campus in Prince Frederick, Calvert County, Maryland and strives to offer a continuum of preventive, acute, long-term, and wellness services that together meet the comprehensive needs of the communities that it serves.

PROJECT OVERVIEW

CalvertHealth sought financing for the refunding of its outstanding Series 2013 and 2015 Bonds and pay related transaction costs.

FINANCING OVERVIEW

In December 2020, Wye River conducted a competitive solicitation for the refinancing of CalvertHealth’s Series 2013 and 2015 Bonds.  CalvertHealth received 12 proposals and ultimately decided to pursue bank financing with a lender that provided a full term rate commitment with highly competitive pricing. The Series 2013 Bonds were refinanced with a “Cinderella” bond which will convert from a taxable interest rate to a tax-exempt interest rate in the future. The financing closed on schedule in April 2021.

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