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Adair Co. Hospital District gets new financing Closing of up to $15,000,000 bank loan from Farmers National Bank, Danville, KY will take place on September 29, 2010, with transfer of funds and payoff of existing bond and bank indebtedness to take place on September 30, 2010, allowing the hospital to meet bond and bank debt on schedule. By Ed Waggener The Adair County Hospital District, has approved a resolution declaring official intent to borrow up to $15,000,000 to refinance existing bond debt through Farmers National Bank of Danville, KY. The action was taken at the Adair County Hospital Board's special called meeting at Westlake Regional Hospital, 901 Westlake DR, Columbia, KY, on Friday, September 10, 2010. The money will be used to refinance the following debts:
The resolution also received a unanimous vote in the regular meeting of the Adair County Hospital District, the entity responsible for operating the facilities under the management of Westlake Regional Hospital. The Resolution Declaring official intent with respect to a loan from Farmers National Bank was signed by Jim Evans, chairman, and Russell Guy Perkins, Secretary, at the meeting. The loan closing will take place on September 29, 2010, according to Westlake CEO Rusty Tungate, who was at the meeting. The money will be transferred and the debt will be retired on September 30, 2010. The actual loan amount stated in the letter from the Farmers National Bank accepting the loan application stated that the principal amount would be "$12,595,190.00 plus any associated financing costs, including reasonable legal fees and expenses of Bond Counsel." The loan term is for 60 months, with monthly payments. The loan will contain both tax exempt and taxable amounts. The interest rate will be 5% on the tax exempt portion, and 6.75% on the non tax exempt amount. The loan will have an origination cost, payable to the Farmers National Bank, of 1%, or up to $150,000 if the entire amount of $15,000,000.00 were borrowed. However, Mr. Tungate said the amount should be somewhat less than that. The next regular meeting of the Adair County Hospital Board of Trustees is the last Tuesday in the month, September 28, 2010, at 6:30pmCT, in the Westlake Regional Hospital Board Conference Room at 901 Westlake DR, Columbia, KY. Final details of the financing, with the exact amount to be borrowed, will be approved at that meeting. Present at the meeting were Trustees Jim Evan, Russell Guy Perkins, Bradley Irvin, and John Nall. Westlake Physicians Dr. Gary Partin and Dr. Chuck Giles, Westlake CEO Rusty Tungate and Assistant CEO Cindy Meyer, Wanda Henson, and the Hospital's Chief Financial Officer, and members of the media. This story was posted on 2010-09-14 03:54:49
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