$24,225,000
Michigan State Hospital Finance Authority
Hospital Revenue and Refunding Bonds
June 1998

In January 1998, the Board authorized proceeding with the conversion of Chelsea Community's  variable-rate debt to a fixed interest rate.  First River Advisory was instrumental in preparing Hospital representatives for presentations to rating agencies that resulted in two investment-grade ratings.  A key feature of these presentations was the accentuation of the institution's uniqueness and its position in the health care market.  Under First River Advisory's guidance, Chelsea Community was able to address successfully the chief executive officer search process which was in progress at the time.

Even though the new (since September 1997) chief financial officer is an seasoned health care financial executive, he had not previously experienced the capital financing process.  Neither had the interim chief executive officer.  First River Advisory spent numerous one-on-one hours to ensure complete understanding and comfort with the proceedings.

References:  

Kathleen Griffiths, Chief Executive Officer
  (734) 475-3912
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