Bond Counsel for $1.16 Billion Health Care Financing
We served as bond counsel for Bon Secours Mercy Health, Inc., one of the nation’s 20 largest health care systems, with respect to the issuance of several series of bonds totaling $1.16 billion in aggregate principal amount. As bond counsel, we assisted with each step of the financing process, which involved the public offering of municipal tax-exempt and corporate taxable bonds involving issuers in three states. The bonds were issued in April of 2020 and enabled the financing or refinancing of health care facilities in Ohio, South Carolina, and Virginia while also contributing to the re-opening of the capital markets for health care borrowers during the COVID-19 pandemic. These combined bond deals were selected by The Bond Buyer as its 2020 Deal of the Year in the Health Care Financing Category.
IRS Letter Ruling gives school district extra time to spend bond proceeds
We obtained an IRS Private Letter Ruling to allow a public school district an extension to spend qualified school construction bond proceeds. The school would have had to spend the tax advantaged bond proceeds within three years, but the Letter Ruling allowed the district additional time to spend the bond proceeds due to unforeseen circumstances outside of the school district’s control.