Privately held investment bank and wealth management firm HJ Sims closed a refinancing for $132,405,000 for Benedictine Health System, a MN nonprofit, Catholic healthcare system providing long-term care services, congregate housing, assisted living, rehabilitation, healthcare and social services.
Historically, most of Benedictine’s affiliates were financed on a standalone basis, resulting in 36 series of outstanding debt for 19 different borrowers. The various series of debt were held by eight different banks or servicers with inconsistent terms, covenants, and reporting requirements. Benedictine’s board and executive leadership team wanted a capital framework to ensure growth, transformation of service mix, and reinvestment in existing campuses. In August of 2020, Sims was engaged to spearhead the project. Read more.
