(West Plains) – In what’s being called “one of the most significant and monumental days for Ozarks Medical Center”, the hospital has refinanced the organization’s bond debt using local lending partners.
The refinancing allows OMC to take advantage of current low interest rates and support the area’s banking industry. The original $21.4 million in bonds were issued during major hospital construction projects in 1997 and 1999 through a combination of large investment banks as well as individual investors from the West Plains region. The interest savings for OMC, as well as the benefit for local financial institutions, will positively impact the local economy.
OMC President and CEO David Zechman says that for the hospital to continue making improvements in technology and the physical space for the hospital is a challenge, and the cash saved from the interest savings will help support OMC’s technology and facility growth, adding that the refinancing will benefit OMC, the local community and patients for many years to come.
The banks participating in the financing were Landmark Bank, Community First Banking Company, Boone County National Bank, Wood and Huston Bank, West Plains Savings and Loan, Alton Bank, Bank of Thayer and First Community Bank of the Ozarks.