The Brattleboro Retreat (Retreat) has financed $9.935 million in new debt and refinanced $2.315 million in old through the Vermont Educational and Health Buildings Financing Agency (VEHBFA). The new money financing will allow the Retreat to expand inpatient capacity for young adults; upgrade existing services; acquire an electronic medical records system and make much needed facility repairs.
The $2.315 million refunded bonds will replace an inefficient small issue. The new bonds will have an increased LOC renewal term and the Retreat expects weekly reset rates to be reduced by approximately 10 bps.
With the new bond issue, the Retreat’s contractor expects to hire over 90 craftsman with +$900,000 in payroll. Long-term the project will add up to 41 staff with an annualized payroll of +$1.2 million.
VEHBFA 12.20.2011
Brattleboro Retreat uses $12 million in financing for expansion
Submitted by tim
on