Piper Sandler served as placement agent on GCMC Properties LLC’s Series 2024 Bonds, issued through Coshocton County, OH.

• Proceeds from the Series 2024 bonds were used to pay off a line of credit and pay for project expenditures associated with the Genesis Coshocton Medical Center project.
• Unique “self lease-back” structure allowed Genesis Healthcare System (“GHS”) to guarantee the debt held entirely by a single member LLC, GCMC Properties. GHS leases the building back from its own LLC and provides an MTI-secured guarantee on the LLC’s debt.
• Creative structure allows GHS to effectively lower its cost of capital while controlling its risk with respect to coverage and liquidity covenants.
• Piper Sandler worked with GHS to assemble a robust RFP package that was distributed to 50+ banks via Piper Sandler’s private placement desk.
• Piper Sandler bankers, working closely in conjunction with GHS management, secured funding at a 5.05% interest rate amortized over 25 years.