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HFA Partners served as Financial Advisor to Reid Health on a $50 million taxable term loan to fund an information systems implementation and the termination of a defined benefit plan. The loan was issued on parity with other senior debt under the existing master trust indenture at a floating interest rate based on Libor, and was converted to a synthetic fixed rate with two existing pay-fixed interest rate swaps. The maturity is 15 years, fully amortizing. HFA assisted with an analysis of funding options, management of a request for proposals, review of proposals, lender selection, transaction execution and closing support. The debt was placed with a single commercial bank on terms and covenants similar to other outstanding senior debt.

Reid Health is a regional healthcare provider with a 223-licensed bed facility in Richmond, Indiana and a 7-county service area located bewteen Dayton, Ohio and Indianapolis.

Location: Indiana

Features: Taxable, Bank, Placement.

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