Olympic Medical Center board approves bond deadline extension for $40 million

On July 29, the Olympic Medical Center Board of Commissioners unanimously approved a resolution allowing the hospital district to request an extension of the repayment dates on two $40 million total bonds (two $20 million issues from 2013 and 2016). The extension could push the due date to June 1 2027, with a possible additional year, in exchange for a higher interest rate of up to 7 percent.

The measure, backed by interim CEO Mark Gregson and treasurer Amanda Christenson, aims to give the district more time to refinance as its cash‑on‑hand reserve fell from 95 days in Q2 2022 to 28 days in April. The board moved the vote from an earlier Monday to Wednesday after concerns it might violate the state Open Public Meetings Act. The bonds are held by Truist Bank (2013) and Key Government Finance, an affiliate of KeyBank (2016). The district faced a July 31 deadline to preserve the option before its regular meeting on Aug 5.