PhAMAS

Panel Discussion

Thursday, September 27, 2018

Healthcare M&A - Recent Activity and Potential Credit Implications

Date: Thursday, September 27, 2018

Time: 3:00 – 5:00 with a cocktail reception to follow

Location:

Janney Montgomery Scott
1717 Arch Street, 20th Floor
Philadelphia, PA 19103

Moderator: Shelley J, Aronson, First River Advisory LLC

Speakers:

Daniel Ahern, EVP of Business Development and Strategy, Tower Health

Tower Health is a nonprofit integrated healthcare system in the Philadelphia area, with six acute-care hospitals and related facilities. The system was formed through the acquisition of five former for-profit facilities by flagship Reading Hospital.

Kevin R. Cunningham, Partner, Ballard Spahr LLP

Kevin is a member of Ballard Spahr’s health care practice group, among a variety of other areas across the municipal bond market. He has extensive experience in a wide range of municipal bond financings, primarily taxable and tax-exempt public debt offerings.

Christine Doyle, Managing Director, Healthcare and Nonprofit Group, PFM Financial Advisors LLC | Public Financial Management, Inc.

Christine has more than 28 years of experience in healthcare and public finance. She works with a variety of organizations and advises on financial, capital planning and balance sheet management strategies as well as optimal financial execution. 

Details: The panelists will discuss merger and affiliation “flavors” and implications of different formats for bondholders – asset purchases/bond redemptions, indenture substitution, JOAs, clinical affiliations. They will explore the motivations for continued growth, diversification away from traditional inpatient business, desire to achieve economies of scale and access to capital and the ability to negotiate better deals with insurers. Or are organizations just merging because everyone else is doing it? Have provider organizations become too big?

The session will touch on some interesting technical issues: par redemption of premium bonds, consolidation among providers of varying credit quality, and other ways that bondholder value can be diluted.

Note: Press is NOT allowed.

Sponsor: Kroll Bond Rating Agency

Cost: $25 members; $75 non-members; state, local, municipal officials (please check with your state & organization rules), and students can attend for free by emailing Bill Bonawitz at [email protected].

Registration:

Please RSVP using the form below. First select whether or not you are a PhAMAS member, enter your personal information, and then proceed to pay the appropriate fee. You will be able to pay with a credit card - you do not need to have a PayPal account. If you have any problems with your payment, please contact Bill Bonawitz at [email protected].

Are you a member of PHAMAS?

Member $25.00 USD Not a Member $75.00 USD

Name of Person Attending

Organization

The Philadelphia Area Municipal Analyst Society (PhAMAS) is a not-for-profit association with members located in the Philadelphia region, including southern New Jersey, Delaware and Maryland.