Baxter Regional Medical Center, a 268-bed tertiary care facility in Little Rock, Ark., has refinanced $25.8 million in Hospital Revenue Refunding Bonds.
The not-for-profit hospital saved $2.7 million over the remaining term of the bonds, which were issued in part to refund its Series 1999A Hospital Revenue Bonds. The bonds were sold to local investors, banks, insurance companies and investment advisors.
Crews & Associates, a Little Rock-based investment banking firm, executed the sale and was able to underwrite and distribute bonds to investors to secure an interest rate of 3.75 percent, which contributed to the level of savings gained through the transaction.
The refinancing transaction received a rating of BBB by Standard & Poor’s.
Baxter Regional is the largest employer in Baxter County, Ark., with more than 100 physicians, and serves patients in two states.