Rockland Trust Leads $60 Million Financing Package For Signature Healthcare
Monday, January 5, 2015
Rockland Trust today announced the bank will be leading financing efforts for Signature Healthcare Corporation, a Massachusetts non-profit organization which includes Signature Healthcare Brockton Hospital and Signature Medical Group, its affiliated physician practices. Rockland Trust has committed to providing $35 million of the $60 million financing package to Signature Healthcare. Through the combination of three new Mass Development Tax Exempt Bonds and a Taxable Term Loan, this financing package will effectively help Signature Healthcare refinance all of its existing bond and term debt. Participating with Rockland Trust in this transaction are Harbor One, Cambridge Savings Bank, and Mutual Bank.
“We are proud to support Signature Healthcare Corporation – an important and well-respected health care organization,” said Gerard Nadeau, Executive Vice President and head of Commercial Lending at Rockland Trust. “They provide essential services that are vital to the health of our communities and we’re pleased to partner with our peers to help strengthen Signature’s long-term growth.”
“We have worked tirelessly over the past several years to raise the status of our organization from a going concern to a rated facility; this vote of confidence from leaders in the local business community recognizes the strength of the integrated care model we use to serve patients – a hospital and medical group working together to provide low cost, quality healthcare,” said Kim Hollon, President and CEO of Signature Healthcare.
For the past several years, Signature Healthcare has been focusing on increasing quality of care and outcomes while reducing costs. Medical affiliations with Beth Israel Deaconess Hospital and Floating Hospital For Children brought exceptional physicians to our community, enhancing the care we can provide locally. Pediatric care is offered 24/7 while expansion in new geographic areas is enabling Signature to take care of more patients in Southeast Massachusetts. Signature Healthcare is recognized on a national level for quality, and is a recipient of several awards for the delivery of quality outcomes for their patients. Today’s announcement allows Signature Healthcare to access previously untapped capital markets for future growth in information technology, equipment and plant renovations, to continue delivering primary and specialty care which will also include comprehensive oncology services to the south shore communities.
About Rockland Trust
Independent Bank Corp. (NASDAQ: INDB) has approximately $6.4 billion in assets and is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust offers a wide range of banking, investment, and insurance services to businesses and individuals through retail branches, commercial lending offices, investment management offices, and residential lending centers located in Eastern Massachusetts and Rhode Island, as well as through telephone banking, mobile banking, and the Internet. Rockland Trust, which has been named as one of America's "Best Banks" by Forbes for four consecutive years, is an FDIC Member and an Equal Housing Lender. To find out why Rockland Trust is the bank “Where Each Relationship Matters ®”, please visit www.rocklandtrust.com.
About Signature Healthcare
Signature Healthcare is a multi-specialty, not for profit hospital and physician group comprised of Brockton Hospital and more than 150 physicians practicing in 11 ambulatory locations. We are one of the only not-for-profit community based healthcare delivery systems in Southeastern MA providing the full range of high quality primary care, specialty care, hospital care and related ancillary services on a coordinated basis delivered at a low cost. www.signature-healthcare.org.