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Verndale City Council

Approves replacement deal for financing hospital


by Trinity Gruenberg

Tom Mayfield with National Health Care Capital and CFO Kim Aagard discussed financing for Tri-County Health Care’s (TCHC) new hospital.

In 2017, along with Bertha, conduit financing was issued for TCHC’s debt refinancing. They reviewed the project and added that they may be back next year to discuss permanent financing of the project. 

The USDA will finance two-thirds of the project with private lenders to pick up the rest. The USDA doesn’t finance construction. The financing would build the new building and include existing 2017 debt for $81 million total. 

“We’re not here today to talk about your city sponsoring any portion of the short term financing. We will be talking to Bertha to do that,” said Mayfield. . . .

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