Tax Exempt Finance
Squire Sanders has acted as bond, borrower, underwriter and special tax counsel on financings for nonprofit and public healthcare institutions since the 1960s. We have substantial ongoing relationships with many of the most prominent healthcare institutions and systems in the United States including, among others, those in Arizona, California, Florida, New York, Ohio and Virginia.
Our healthcare bond and underwriter counsel practices consistently rank among the leading practices in the nation, based upon independent rankings compiled and published by Thomson Reuters.
Examples of recent work include:
- Bond counsel on the issuance of fixed-rate tax exempt bonds that financed permanent improvements to a regional health system’s flagship hospital facility and related upgrades at satellite hospital facilities;
- Bond counsel on the direct, private placement of existing variable-rate, tax exempt bonds, as well as the related restructuring of the related credit facility, which allowed for the diversification of the health system’s lending relationships;
- Borrower counsel to a regional health system in the assignment and restructuring of its bond-related interest rate swap portfolio and to another regional health system in the amendment and restatement of its master trust indenture to provide a much more “user friendly” document and state-of-the-art financing covenants and flexibility;
- Underwriter counsel to two national investment banks in their underwriting of a series of fixed-rate tax exempt bonds and two series of letter of credit-backed variable-rate hospital revenue bonds that financed the construction of a new bed-tower facility; and
- Bond and borrower counsel to a regional health system in the off-balance sheet financing of the construction of a research facility and a mixed-use parking and office facility and the acquisition of a four-building administrative office complex.