JEDA Helps Palmetto Health Refinance Major Expansions
COLUMBIA, SC - Bond financing facilitated by the South Carolina Jobs-Economic Development Authority (JEDA) will help Palmetto Health lower the cost of major projects that have helped the non-profit organization become a leading healthcare provider in South Carolina and one of the Midlands’ largest employers.
The $94.6 million tax-exempt bond issue was used to refinance earlier bond issues that financed major projects such as construction or renovations of Palmetto Health Children’s Hospital, the 125-bed Palmetto Health Heart Hospital and a 756-space parking garage at the Columbia campus.
“This bond issue is the latest in a series of re-financings we’ve been able to execute with the help of JEDA, each of which has been instrumental in helping Palmetto Health further meet our goal of being a major provider of trauma, inpatient, outpatient and community health services in our region,” said Tom Smith, Director of Finance at Palmetto Health.
“Refinancing and reissuing bonds over a period of several years is a complex exercise in modern finance that allows organizations such as Palmetto Health to take advantage of low interest rates. We’re pleased we could take part,” said David Kates, Bond Counsel with Jones Day in Chicago.
“Palmetto Health plays an essential role in daily quality of life in the Midlands and across South Carolina. Helping the organization leverage the opportunities presented by an unprecedented interest rate environment is our way of taking part, and we feel privileged that we could help,” said JEDA Executive Director Harry Huntley.