Marin Healthcare District to receive $60-million financing for Marin General Hospital
Following an extensive due diligence process, the Marin Healthcare District announced that is has selected Union Bank to provide credit and financing facilities for Marin General Hospital following its return to community control on June 29th. Union Bank' s proposal includes a $30-million line of credit secured by accounts payable and an additional $30-million term loan. The District received favorable interest rates for the credit which will be approximately 3.25% and 4.25% respectively.
District CEO Lee Domanico noted "The District is pleased to accept Union Bank's proposal. We view this as a significant indication of support for Marin General Hospital and our community. Of the eight proposals we received and evaluated, Union Bank' s proposal was superior. They have also indicated their desire to expand their presence in the community, their support for our employees, our medical staff, and financing for future ventures. This is another important step in the transition process."
On April 1st, the existing Marin General Hospital Board of Directors authorized the hospital's current management to work with the District in order to complete the transaction. The credit facilities are subject to negotiation of the final documents. The credit facilities will be in place prior to the transfer of Marin General Hospital back to community control on June 29th and are to be funded immediately post-transfer.