Public & Private Finance

Finding sources of capital and structuring financings for health care providers, suppliers, insurers, ventures and other segments of the health care industry requires not only a sophisticated understanding of the industry itself, but an appreciation for the broad range of legal and financial considerations faced by health care entities that operate in this industry.  Through decades of collective experience in public and private finance, Sonnenschein attorneys have developed precisely this understanding and appreciation.  For example:

• Sonnenschein's Health Care Group attorneys have a wealth of experience successfully structuring and closing health care industry financings.  In connection with these transactions, we have represented a wide variety of health care entities — including hospitals, academic medical centers, continuing care retirement communities, long-term and post-acute care providers, physicians, physician groups, insurers, pharmaceutical and medical device manufacturers, publicly traded health service companies, and management and other service companies — in addition to underwriters, banks, finance companies, issuers and other parties providing the funding at issue.  We have also served as bond counsel.
• Our attorneys have participated in more than 1,000 private and public health care and tax-exempt financings and since 2000 have closed more than 280 financings, aggregating in excess of $18 billion in more than 20 states, including more than $3.1 billion in principal amount of health care bonds in 2007.
• Sonnenschein attorneys regularly negotiate increased flexibility for our health care clients in financing documents and address regulatory and disclosure matters unique to health care institutions.  Our attorneys have participated in innovative accounts receivable, put bond, line of credit-backed, auction rate and pooled financings, and financings and restructurings relating to (1) acquisitions of hospitals by for-profit and nonprofit corporations, (2) acquisitions of physician practices, and (3) multi-state hospital system transactions.  Our attorneys also have been instrumental in helping health care systems develop master indenture structures to maximize corporate flexibility and minimize restrictive covenants.
• Many health care providers are using or considering the use of derivative products to diversify or limit interest rate exposure, lock-in rates or invest funds.  We work with clients to explain the risks involved in derivative products and to minimize the risks through negotiation and documentation of those products.
• Sonnenschein regularly advises clients regarding tax-exempt bonds, compliance with bond documents, due diligence reviews and disclosure issues, use of tax-exempt financed assets (including Revenue Procedure 97-13 guidance and change in use restrictions), taxable loans, lines of credit, asset-based lending structures, securitizations, and workouts and restructurings.