Local News
CRMC refinancing $70 million in debt
CULLMAN — More than $70 million in debt for Cullman Regional Medical Center will be refinanced early next month as part of a restructuring plan approved by the Healthcare Authority of Cullman County.
David McKoy, chairman of the board for CRMC and the healthcare authority, said the move should take advantage of recent changes in the funding market.
“We’re restructuring debt and refinancing bonds to take advantage of lower interest rates in the marketplace,” McKoy said Monday at a public meeting to discuss the decision. “We will refinance all existing bonds.”
Hospital president and CEO Jim Weidner said the plan has numerous benefits for CRMC.
“This will help us take advantage of some of the lowest interest rates in the last 30 years,” he said. “This will allow us to have the least amount of risk with our bonds.
The approximately $70 million bond should cover all of the hospital’s current debt.
The bonds, which date back several years, include the original construction of the hospital buildings, additions and improvements to the hospital campus, the acquisition of the 50 percent membership interest in the hospital purchase from Baptist Health Systems in 2005 and the acquisition of medical equipment.
“This is simply a refinancing of current debt,” Weidner said. “There is no new debt being issued.”
The new bonds will have fixed rates, depending on term length.
“The new interest rates will be approximately 6 percent, with some as low as 3 percent,” Weidner said. “It’s a big improvement over what they were previously.”
The debt transition will be final as of Dec. 3, with the longest running bonds set to last through 2036.
* Trent Moore can be reached by e-mail at trentm@cullmantimes.com, or by telephone at 734-2131, ext. 225.
- Local News
-
-
Commission doles out $100,000
Baileyton Mayor Johnny Dyar received some good news last week, with plans for a new town senior center already under way.
-
Colony's latest town clerk resigns, citing stress
Problems continue for the town of Colony with the sudden resignation of town clerk Kristie Williams.
-
Emergency repairs under way on Hwy. 31
Years of wear and tear combined with excessive recent rains have forced the state highway department to target a highly-traveled area of U.S. Highway 31 in south Cullman for emergency repairs.
-
Parts stolen from 17 vehicles
Cullman Police are searching for suspects who stole more than $2,500 in components from vehicles parked at a Cherokee Avenue business this weekend.
-
More than $100,000 awarded in local grants
VINEMONT — Baileyton Mayor Johnny Dyar received some good news last week, with plans for a new town senior center already underway.
-
East Elementary Named a 2010 Alabama Banner School
The Council for Leaders in Alabama Schools has named East Elementary as a 2010 CLAS Banner School.
-
Timing almost perfect for TV debut
We’ve all heard the old adage about “being in the right place at the right time.”
-
Annual fundraiser will be Feb. 15
The 7th Annual Empty Bowls of Cullman will be Monday, Feb. 15, 4:30-7 p.m. at Hearin Hall at First United Methodist Church’s Hearin Hall.
-
Darrell Hicks to seek county commission place 1 seat
Republican Darrell Hicks of Holly Pond joins a growing field of contenders hoping to replace an incumbent seeking a second term to a seat on the Cullman County Commission.
-
Wayne Willingham to seek second term
Incumbent republican county commissioner Wayne Willingham announced Saturday he will run for a second term.
- More Local News Headlines
-
