Carson Valley Medical Center $41,000,000 Hospital Revenue Bonds Series (2021A)

August 10, 2021

Cain Brothers served as the Sole Manager in the public issuance of $41,000,000 of tax-exempt fixed rate revenue bonds on behalf of Washoe Barton Medical Clinic (d/b/a Carson Valley Medical Center). The Series 2021A Bonds will be used to finance a $40.1 million Project, refinance all existing debt, fund a debt service reserve fund, and pay costs of issuance. The expansion and renovation Project will 1) modernize and optimize CVMC’s care and delivery system by converting its 23 semi-private beds to 25 private rooms, 2) increase emergency room bed capacity, 3) expand surgery facilities and specialized procedure rooms, and 4) renovate existing rehabilitation space and the central utility plant. Cain Brothers guided CVMC through its first public rating process which ultimately resulted in a “BB+” rating from Standard & Poor’s with a stable outlook. CVMC and Cain Brothers conducted extensive investor outreach including a recorded presentation and several one-one-one conference calls with investors. The Series 2021A bonds received over $461 million in orders from 17 individual investor accounts, ultimately resulting in a final True Interest Cost of 2.84%.

CVMC is a comprehensive non-profit health care system serving Carson Valley, Nevada and surrounding areas, servicing a population of approximately 53,000 people.  CVMC owns and operates a 23-licensed bed critical access hospital, a 24-hour emergency room, a surgery center, five primary care clinics, an urgent care clinic and an occupational health clinic.  CVMC has two equal corporate parents, Barton Healthcare in South Lake Tahoe, CA and Renown Health in Reno, NV. The Bonds were issued on CVMC’s stand-alone credit without a guarantee from either parent.

For more information, please contact:

Joe Pollock

Managing Director
(415) 962-2957
jpollock@cainbrothers.com

James Conahan

Vice President
(212) 981-6893
jconahan@cainbrothers.com