MaineHealth $91,645,000 Series 2022B Taxable & Forward Tax-Exempt Bank Direct Purchase Loan

Overview

Deal Type Private Placement
Size $91,645,000
Client & Transactional Partners MaineHealth
Our Role Financial Advisor

Summary

Bart Plank | James Conahan

MaineHealth successfully completed its $91,645,000 Series 2022B Taxable & Forward Capital Raise.

Cain Brothers, a division of KeyBanc Capital Markets served as Financial Advisor for MaineHealth’s $91,645,000 Series 2022B Taxable & Forward Tax-Exempt Bank Direct Purchase Loan. The proceeds of the Series 2022B Loan will be used to defease MH’s existing Series 2014 Bonds issued through the Maine Health & Higher Educational Facilities Authority. The underlying Series 2014 Bonds are callable at par in July 2024.

TD Bank N.A. served as lender and continues to demonstrate its dedication to MH by entering into its 4th sizable loan to the System since 2017. Cain Brothers was originally engaged to serve as FA to MH on a private forward delivery bond structure to refund the Series 2014 bonds. However, significant yield increases in the capital markets quickly deteriorated savings economics associated with the proposed forward structure.

Cain Brothers quickly pivoted and engaged with TD to provide an attractive and streamlined refinancing alternative. Cain Brothers successfully negotiated a fully amortizing 15-year fixed rate commitment which eliminated any future renewal risks to MH. With speed of execution of the utmost importance in an increasingly volatile market, Cain Brothers led an efficient and expediated financing process that successfully closed in 7 weeks (rate-locked in week 4). By securing attractive capital that will generate 17% of NPV savings to MH.

Cain Brothers continues to deliver unique and successful financings to MH, having recently served as loan arranger for a similar Cinderella bank direct structure for MH in September of 2020.

MaineHealth is the largest private employer in the state of Maine and one of the largest healthcare providers in New England. The health system consists of 10 member hospitals with 1,302 licensed beds, +400 ambulatory sites, 9 emergency room facilities, 400 licensed long-term care beds, and over 1,000 employed physicians. MH’s flagship hospital, Maine Medical Center, is Maine’s largest medical center and is based in Portland, ME.


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