With the assistance of the investment and mortgage banking firm Lancaster Pollard, the hospital was able to access debt financing at low interest rates, according to a news release. Logansport Memorial was able to work with the bank to enact an interest rate swap to hedge against interest rate variability.
The hospital sought the refunding to finance new projects such as a new obstetrics suite, a new generator and a CT scanner. Additionally, the facility wanted to achieve a more permanent financing structure in place of an expiring letter of credit that enhanced about $14 million in bonds.
With the funds for new equipment and renovations, Logansport Memorial can maintain a competitive edge over other providers, said Julia Berndt, the hospital's CFO, according to the release.
Logansport Memorial is a county-owned, regional medical center that is accredited by the Healthcare Facilities Accreditation Program.
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