Marcus Daly Memorial Hospital in Hamilton will have a new operating room suite, thanks to a $15 million bond issue financed through the Montana Facility Finance Authority’s (MFFA) Master Loan Program.
“Marcus Daly Memorial Hospital has outgrown its current operating rooms, and this financing will allow it to better serve the region with access to advanced technology, equipment, and a growing number of surgeons,” said Adam Gill, executive director of MFFA. “These public-private partnerships are vital for ensuring Montana’s rural health care centers can continue to offer first-rate care to people in their community.”
MFFA’s Master Loan Program, a bond finance program offered in cooperation with the Montana Board of Investments, provides small hospitals with access to low-cost capital financing, which in turn lowers their debt and can result in savings for consumers.
The $15 million bond issue has been placed with First Interstate Bank.
The hospital intends to use the financing for the construction of three fully-functional operating rooms, an additional room dedicated to performing cesarean sections, and space reserved to build a fourth operating room for future expansion. The new spaces will result in increased efficiency and the ability to recruit additional specialties.
“Marcus Daly Memorial Hospital feels fortunate to have the ability to work with the Montana Facility Finance Authority and the Board of Investments to enhance our loan rating to assist in this borrowing,” said Donja Erdman, chief financial officer of MDMH. “This allows us to obtain a low interest rate to allow for the expansion of our facilities, that we might otherwise not be able to finance.”
According to a press release from Emilie Ritter Saunders, communications director for the Montana Department of Commerce, the project will result in an estimated 90 construction jobs.