CHS board looks to issue $3M in bonds

by | July 25, 2014 4:14 pm

Last Updated: July 25, 2014 at 4:20 pm

Clarendon Health System announced Friday a specially called Tuesday board meeting that will focus on the hospital’s finances.

At issue is the board of trustees’ goal of getting out of a $7.25 million Wells Fargo loan from 2011 with an outstanding balance of about $5.8 million.

“We’ll pay about $3 million down and re-finance the other half,” said Chief Executive Officer Richard Stokes on Friday. “It’s the culmination of what we’ve been working on the last year. We’ll take Wells Fargo out” of the equation.

With a loan from the U.S. Department of Agriculture’s Rural Development in place, the system would be able to issue facilities revenue bonds totaling $3 million.

Stokes said he and Don Ellis, the board chairman, will appear via telephone conference from the USDA’s office in Walterboro.

The meeting is scheduled for 12:30 p.m. on Tuesday.

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