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The Rehabilitation Institute of Chicago (RIC) is the nation’s leading provider of comprehensive physical medicine and rehabilitation care to patients from around the world. Ranked No. 1 by both U.S. News and World Report and the U.S. National Institutes of Health, RIC holds an unparalleled market distinction.


With a record eight multi-year, multi-million dollar federal research designations awarded and funded by the National Institutes of Health and the Department of Education’s National Institute of Disability and Rehabilitation Research in the areas of spinal cord injury, brain injury, stroke, neurological rehabilitation, outcomes research, bionic medicine/rehabilitation engineering research, and pediatric orthopedics, RIC operates the largest rehabilitation research enterprise in the world. RIC also operates its 182-bed, flagship hospital in downtown Chicago, as well as a network of more than 40 sites of care distributed throughout the Midwest, through which it delivers inpatient, day rehabilitation, and outpatient services.


The Center for Bionic Medicine at RIC is one of the world’s largest prosthetics and orthotic research centers; it focuses on developing bionic legs, bionic arms, and other innovative rehabilitation technologies.


Founded in 1954, RIC has been designated the “No. 1 Rehabilitation Hospital in America” by U.S. News & World Report every year since 1991. RIC sets the standard of care in the post-acute market through its innovative applied research and discovery programs, particularly in the areas of neuroscience, bionic medicine, musculoskeletal medicine and technology transfer. For more information, go to



Hammond Hanlon Camp LLC (“H2C”) is an independent strategic advisory and investment banking firm committed to providing superior advice as a trusted advisor to healthcare organizations throughout the United States. H2C’s professionals have a long track record of success in healthcare mergers & acquisitions, capital markets, real estate and restructuring transactions, acting as lead advisors on hundreds of transactions representing billions of dollars in value. Hammond Hanlon Camp LLC offers securities through its wholly-owned subsidiary H2C Securities Inc., member FINRA/SIPC. For more information, go to



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Hammond Hanlon Camp LLC Advises the Rehabilation Institute of Chicago on the Issuance of $398,000,000 of Tax-Exempt Bonds
posted on December 17, 2013


CHICAGO – Hammond Hanlon Camp LLC (“H2C”), a healthcare-focused investment banking firm, served as the exclusive financial advisor to the Rehabilitation Institute of Chicago (“RIC”) in connection with the issuance of $398,000,000 par amount of tax-exempt bonds in five separate series.


The proceeds of the $398 million of bonds will fund a portion of the cost of RIC’s new 1.2 million square feet, state-of-the-art research hospital, the Ability Institute of RIC™.  RIC broke ground on its new facility in July and expects to admit its first patient in January 2017.  Not only will the Ability Institute of RIC replace the existing facility, it will provide for up to 360 inpatient beds, expand RIC’s research and outpatient care capabilities, and house the world’s only “Ability Labs,” combining research, direct patient care and clinical support to develop new and more promising treatments.


Due to the size and complexity of the financing, RIC retained H2C to begin the development of a finance plan for the new facility in 2011.  The planning process considered all sources of funding for the project, including debt financing, internally generated funds, and contributions from a multi-year capital campaign anticipated to be received over a ten-year period.  The finance plan approved by RIC’s Board of Directors included the public issuance of $125 million of 30-year, fixed rate bonds, and the direct placement of $273 million of variable rate demand bonds with four separate banks at tenors of 5, 7 and 10 years.  The overweighting of variable rate obligations was designed to take advantage of lower, short-term interest rates and to enable RIC to redeem bonds without penalty following completion of the project and as campaign pledge payments are received.  


“To maximize and preserve RIC’s operating flexibility, each of the issues included favorable and identical covenants, and closed simultaneously within two months of receiving Board approval of the finance plan...” noted Victoria Poindexter, Principal, Hammond Hanlon Camp LLC. 


As part of the financing process, RIC also secured its first independent credit rating.  Through a thorough and effective presentation of RIC’s global reputation, demand for its unique services and impressive trend of financial performance, Fitch Rating Services assigned RIC an A- rating.  This enabled RIC to issue bonds with attractive financial covenants and provided important flexibility for the organization during the construction period and capital campaign process. 


“We have a long history of working with the talented professionals at H2C and were confident that they would provide the objectivity and sound advice we needed. We gave them a challenging assignment, and we couldn’t have been more pleased with the results.  From the development of an effective finance plan through the simultaneous execution of five separate bond issues, their excellent management of the process enabled RIC to commence construction on an accelerated timeframe, reducing project costs substantially…”  stated Ed Case, Executive Vice President and Chief Financial Officer of RIC. 


“We are very pleased to have been part of the team that assisted the Rehabilitation Institute of Chicago, a global leader in healthcare, in taking advantage of the favorable terms available in the markets to secure the low cost capital necessary to ensure completion of this important project…” stated William B. Hanlon III, Principal, Hammond Hanlon Camp LLC. 

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