GMH Board Gives Final Approval to $12 Million Loan

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Guam – The Board of Trustees of the Guam Memorial Hospital Authority (GMHA) tonight approved a resolution authorizing a $12 million direct loan
to provide the Hospital with a secured funding source for the purpose of paying past-due bills to critical hospital vendors.

The Bank of Guam loan, authorized by Public Laws 30-190,  30-200 and 30-235 and negotiated by the Guam Economic Development Authority, carries a minimum interest rate of 6.5% and a maximum interest rate of 9.5%, based on a variable interest rate 1% point per annum over the reference rate. The loan is based on a 15 year amortization, to mature seven years from the date of signature. GMHA will make loan payments using dedicated funding from the
Healthy Futures Fund, as well as Pharmaceutical Fund allotments and patient revenues.

“These funds will be used immediately to ensure our staff has the pharmaceuticals, medical supplies, and other tools they need to provide
quality, safe care for our patients,” said GMHA Administrator/CEO PeterJohn D. Camacho, MPH. “We thank everyone involved for making this happen, as well as our staff and our vendors for standing by us.”