SCBHS to save $5 million in interest

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By Reed Anfinson
Publisher
Swift County Monitor-News

By refinancing bonds used to build Scandi Haven Village and remodel Scofield place, Swift County-Benson Health Services will be saving $5 million in interest payments in the coming years. It will also be cutting five years off the term of the bonds. Rather than being paid off in 2049, they will be paid off in 2044.

Lowering its payments by more than $100,000 a year on bond payments will also provide additional cashflow for operations and improvements at SCBHS.

SCBHS had borrowed $648,000 from Bremer Bank in Willmar and with another $6,704,000 in debt with Bremer to be financed with the United States Department of Agriculture (USDA). The two notes were carrying an interest rate of 5.77 percent...

 

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