Porter, White & Company acted as financial advisor to the University of Alabama Health Services Foundation, PC starting in 1986 when the firm coordinated a study of the feasibility of financing, constructing and operating the Kirklin Clinic, a 430,000 square foot ambulatory clinic for the internationally recognized faculty group medical practice of the Foundation.
Designed by I.M. Pei, the Kirklin Clinic consolidates into a single modern facility the outpatient practice now conducted by the Foundation in 32 locations on the campus of the University of Alabama at Birmingham Medical Center.
The firm was financial advisor in 1988 for the original $88 million Kirlkin Clinic financing, and advised the Foundation in connection with the December, 1991 refunding of the 1988 financing and issuance of $22 million in additional debt to pay for an expansion.
The firm assisted the Foundation in preparing financing plan, including a hedging strategy in connection with the variable rate interest borne by the Foundation's obligations, and assisted the Foundation in selecting and negotiating with an underwriter and a highly rated bank to enhance the financing through a letter of credit.
