LITTLE ROCK, Ark. (August 10, 2010) – Crews & Associates, Inc., a full-service investment banking firm headquartered in Little Rock with national operations, executed the successful sale of $25,850,000 in Hospital Revenue Refunding Bonds for Baxter Regional Medical Center of Mountain Home, Arkansas, providing savings of $2.7 million over the remaining term of the bonds.
The transaction received a rating of BBB by Standard & Poor’s, and Crews & Associates was able to underwrite and distribute bonds to investors to secure an interest rate of 3.75%, which significantly contributed to the level of savings gained through the transaction.
The bonds were issued in part to refund the Series 1999A Hospital Revenue Bonds. The bonds were sold to local investors, banks, insurance companies, and investment advisors.
“Any transaction that results in such a significant economic benefit for one of our clients is considered a success by Crews & Associates, particularly in these challenging economic times,” said Paul Phillips, Senior Managing Director of Crews & Associates’ Capital Markets Group. “Baxter Regional Medical Center provides outstanding medical care and services to the Baxter County community, and the savings gained through this refinancing will allow the hospital to continue to offer a high level of care to the region,” said Phillips.
Baxter Regional Medical Center opened as Baxter General Hospital in 1963 as an acute-care hospital with 39 beds and four physicians on staff. Today, the facility is a 268 all-private bed, tertiary-care facility with more than 100 physicians on staff. BRMC is a not-for-profit 501(c)(3) corporation organized under the laws of Arkansas. An uncompensated board of directors governs the organization.
Today the hospital encompasses a half million square feet and is the largest employer in Baxter County. BRMC serves patients from a two-state, 14-county area. Subsidiaries of Baxter Regional include Hospice of the Ozarks; Ahrens Clinic; BR Imaging Center; Baxter Rheumatology Clinic; Baxter Urology Clinic; Baxter Orthopaedic Clinic; Baxter Pulmonology Clinic; and Baxter Regional Hospital Foundation Inc.
About Crews & Associates, Inc.
Little Rock-based Crews & Associates, Inc. is a full-service investment banking firm dedicated to the structuring, financing, and distribution of fixed-income products nationally. Founded in 1979, Crews & Associates is a wholly-owned subsidiary of First Security Bancorp and has served as a managing underwriter for more than $33 billion in financings in 48 states across the country. www.crewfs.com
