International Community Health Services

Application Acceptance: March 14, 2024 Please note all information provided below is as of the date of the application submission.

Obligor: ICHS was established in 1973 to provide quality primary health care. Deeply rooted in the Asian Pacific Island community, ICHS provides culturally and linguistically appropriate health and wellness services and promotes health equality for all. ICHS employs 576 full-time and part-time staff totaling 540 FTE. Services include medical, dental, behavioral health, vision, health education/screening, and other services. In 2022, ICHS served 30,612 unduplicated UDS patients across four medical and dental clinics, two school-based clinics, one mobile clinic, and two primary care clinics.

Loan Size: $17,000,000 (Not-to-Exceed)

Description of Loan: Proceeds of the loan will be used to refinance two existing Key Bank loans, finance tenant improvements for a new senior care facility located in South Seattle, and to pay issuance costs.

Interest Cost Savings:It is anticipated by ICHS that it will save approximately $1,268,389 in interest costs over traditional taxable interest rate financing. Consistent with ICHS’s mission, care is provided to patients regardless of their ability to pay. Therefore, ICHS has determined it has provided implicit price concessions to uninsured patients and other uninsured balances. Tax-exempt financing will contribute to their ability to remove or reduce barriers to care for uninsured patients.

Purchaser: Wells Fargo Bank, N.A.

Closing Date: To be determined