Public Finance
King County Public Hospital District No. 2, WA
02/24
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$39.6 Million
Piper Sandler served as sole manager on EvergreenHealth’s Series 2024 Bonds.
- EvergreenHealth will utilize the 2024 bond proceeds to fund strategic initiatives and reimburse itself for previous capital expenditures.
- Piper Sandler structured the 2024 financing to allow EvergreenHealth to achieve its goal of keeping LTGO debt service less than 70% of its maintenance and operations levy while maximizing the amount of proceeds generated.
- Piper Sandler worked with Evergreen to assemble a robust disclosure package to explain the reasons for the downturn in recent financial performance and outline the steps the District had taken and will take to improve operating results.
- The detailed disclosure package, including an investor presentation, coupled with Piper Sandler’s extensive investor marketing process resulted in the 2024 issue achieving a cost of funds, including all fees, of 4.57%, locked for 21 years.
- Piper Sandler has completed eight financings for EvergreenHealth since 2011.
Role
Sole Manager
State
WA
Series
Series 2024
