Public Hospital District No. 2 of Jefferson County, WA
Piper Sandler served as sole manager on Jefferson County Public Hospital District No. 2 (the "District") (Jefferson Healthcare), Washington’s Series 2023A Revenue and Refunding Bonds.
- Proceeds from the 2023A financing, along with proceeds from the Series 2023B and 2023C Revenue Bond placements, will fund construction of a 55,900 square foot building on Jefferson’s campus and refund a portion of the hospital’s existing debt.
- Initially, Piper Sandler was helping the District through the USDA Direct Loan approval process to execute on its funding need. Piper Sandler partnered with Jefferson on a USDA Direct Loan in 2017. However, when it became apparent that the USDA approval process was going to push Jefferson’s construction timeline, the District decided to pivot to a public offering.
- Piper Sandler suggested Jefferson fund its financing need through a hybrid private placement/public offering approach to lower the District’s cost of capital.
- The non-rated transaction was successfully priced by Piper Sandler’s specialty finance group.