Overlake Hospital Medical Center

Application Acceptance: November 10, 2022 Please note all information provided below is as of the date of the application submission with the exception of Loan Size & Closing Date.

Obligor:  Overlake is a 349-licensed bed, non-profit regional medical center offering a full range of inpatient and outpatient services.  The hospital provides a broad range of inpatient services including inpatient cardiac, oncology, surgery, critical care, obstetrics, nursery, neonatal intensive care, open-heart surgery and psychiatry. Ancillary and outpatient services include diagnostic imaging, oncology infusions, radiation oncology, breast health, invasive and noninvasive vascular interventional, pharmacy, emergency, ambulatory surgery, endoscopy, laboratory, physical therapy, occupational therapy, speech therapy, nutrition services, psychiatry and senior health.  The hospital has over 855 active physicians on its medical staff and operates nine primary care clinics, 20 specialist clinics and four urgent care centers through a wholly owned subsidiary Overlake Medical Clinics, LLC.

Loan Size: $50,555,000

Description of Loan: Proceeds of the loan will be used to refund all or a portion of the WHCFA Series 2017C Bonds and to pay issuance costs.

Interest Cost Savings: It is anticipated by Overlake that it will save approximately $10,100,000 in interest costs over traditional taxable interest rate financing over the term of the loan. The hospital determines rate increases annually as part of its budget process. The savings from issuing tax-exempt bonds reduces the interest expense and therefore results in lower rate increases being passed along to patients.

Underwriters: Key Government Finance

Closing Date: December 14, 2022