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Parrish Medical Center

Parrish Medical Center

The Situation

Parrish Medical Center, in Titusville, Florida, near Cape Canaveral, is a community hospital licensed to provide 165 beds of acute care services. During more than 50 years of operations, this facility has had a front-row seat for multiple NASA missions, including Gemini, Mercury, Apollo, and Space Shuttle launches. It remains the receiving hospital in Cape Canaveral today.
Parish Medical Center

The Challenge

Parrish Medical Center wished to refinance its existing debt to generate savings. Traditional fixed-rate debt did not provide adequate savings, so the hospital turned to the direct placement bank market.

The Hamlin Solution

To increase competition for the hospital’s financing, Hamlin Capital Advisors arranged for an RFP process that included a plan to host multiple banks for a presentation, tour of the hospital and one-on-one Q&A sessions. We received and vetted seven responses, ultimately choosing a highly competitive option that would enable Parrish Medical Center to realize significant debt service savings.

In the final agreement, we ensured that the hospital’s refinancing agreements excluded several typical bank covenants that would have restricted the institution’s ability to execute its tactical and strategic plans.