Deal Spotlight: Midwest Medical Center Refinances Outstanding Tax Exempt Debt

May 6, 2019

Firm client Midwest Medical Center (MMC), a critical access hospital, recently closed on the refinancing of its outstanding tax exempt indebtedness. Hinshaw attorney Steve Moore, the chair of the firm's Health Care practice, represented MMC in the transaction.

It is estimated the refinancing will save MMC approximately $1.5 million in annual interest payments. The bonds were redeemed at a discount from the proceeds of a direct loan from the United States Department of Agriculture and a loan from Compeer Financial guaranteed by the USDA, under the USDA's Rural Development Program. The refinancing, which required a corporate reorganization of MMC, took more than two years to complete.

Hinshaw & Culbertson LLP is a U.S. based law firm with offices in 11 states and London. The firm's national reputation spans the insurance industry, the professional services sector—including representation of law firms and lawyers—and other highly regulated industries, such as banking and finance and the debt collection sector. Hinshaw also provides a series of closely coordinated litigation, business advisory and transactional services to clients of all sizes as well as governmental and public sector entities.