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PFA Closes First Acute Health Care Financing

Renown Regional Medical Center Realizes Savings with $141MM Bond Refinancing

The Public Finance Authority (PFA) is pleased to announce it has issued bonds for its first acute care health facility.  The PFA partnered with Kaufman Hall and Bank of America Merrill Lynch (BAML) to provide $141,495,000 of tax-exempt bonds to refinance revenue bonds for Renown Regional Medical Center located in Reno, Nevada.  

“It was great to work with the Public Finance Authority and its team – they were able to accommodate a tight timeline, allowing us to access the market quickly and achieve significant savings for Renown,” said CFO Janette Townsend.

Renown is Reno’s only locally-owned, nonprofit health network and home to the regions only children’s hospital.  Renown’s total projected economic impact is $1.28 billion regionally and it is responsible for 9,400 direct and indirect jobs.  In Fiscal Year 2014, Renown Health contributed nearly $94 million to services and activities that improve the health and well-being of their community.  

Renown was also able to take advantage of the PFA reduced issuer fee for all healthcare issuance regardless of bond amount or number of locations.  For healthcare bonds issued in 2015, the PFA will assess an issuance fee of $25,000 with no annual administrative fee.