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CCH Board of Trustees approves bond refinancing

CCH Board of Trustees approves bond refinancing

GILLETTE, WY – On Monday, September 25, 2017 the Campbell County Health (CCH) Board of Trustees held a special meeting to discuss a resolution to refinance the revenue bonds issued for the 2009 hospital expansion project. The resolution was approved unanimously.

Refinancing allows CCH to take advantage of an average interest rate of 3.6 percent versus an interest rate of 5.5% on the original bond offering. CCH worked over nine months on the project, and has partnered with Siemens and NBH Bank in Denver, CO who will issue the new bonds.

According to CFO Dalton Huber, the actual repayment amount per year is about the same as the 2009 bonds, approximately $41 million, but the lower interest rate will save CCH $700,000 in interest payments the first year and total almost $10 million over the 14 – 20 life of the bonds. This enables CCH to pay down the principal more quickly in order to retire the debt.