Dinsmore Serves as Bond Counsel for Bond Buyer Health Care Financing 2020 Deal of the Year
We are proud to announce The Bond Buyer has awarded a Dinsmore health care financing as its 2020 Deal of the Year in the Health Care Financing category.
The awarded deal was the $1.16 billion aggregate principal amount of bonds issued in April for Bon Secours Mercy Health, Inc., and its nonprofit affiliates. According to The Bond Buyer, the financing helped “pave the way for the reopening of the capital markets for not-for-profit health systems amid the pandemic.”
The plan of finance involved the County of Allen, Ohio, the South Carolina Jobs-Economic Development Authority, and the Virginia Small Business Financing Authority as the issuers of the tax-exempt bonds portion of the financing, as well as the issuance of a series of taxable bonds by Bon Secours Mercy Health, Inc.
Dinsmore served as bond counsel for the financing, which involved the public offering of tax-exempt and taxable bonds to finance or refinance health care facilities located in Ohio, South Carolina and Virginia.
“On behalf of the Dinsmore team of attorneys (Mary Duffey, Diana Vicen, Lona Valentine and Clif Pastel) who worked on this financing, I’d like to add our congratulations to BSMH and our thanks for allowing us to serve as your bond counsel,” said Dinsmore public finance partner Erin Sutton. “During the pandemic spring shutdowns, this financing team handled some major logistical and timing hurdles and worked together to accomplish our common goal: to assist Bon Secours Mercy Health with its mission. When our grandkids ask us someday what the pandemic days were like, we will probably recall working on this deal—either from our dining rooms, basements or empty office buildings.”
This is The Bond Buyer’s 19th annual Deal of the Year Awards, and the second consecutive year it has awarded winners in 10 categories—five geographical regions and five additional categories, including health care. To choose winners, the publication’s editorial board considered “creativity, the ability to pull a complex transaction together under challenging conditions, the ability to serve as a model for other financings, and the public purpose for which a deal's proceeds were used.”
"This year's lineup reflects the full range of communities and public purposes this market comprises," said Mike Scarchilli, editor in chief of The Bond Buyer. "The deals honored exemplify the creativity and resourcefulness this industry brings to bear on projects that advance the infrastructure and quality of life in the nation's municipalities. These qualities take on additional importance here in 2020, as issuers across the nation face unprecedented challenges."