Magnolia Regional Health Center CEO Ronny Humes spoke to the Corinth Mayor and Board of Aldermen on Tuesday night about a plan to refinance the hospital’s debt.
Humes said the Farm Bill recently passed by Congress allows rural hospitals to refinance debt using USDA money.
The hospital plans to refinance more than $77 million in debt and hopes it can be completed by late July or early August.
Refinancing the debt should save around $6 million in interest costs, Humes said.
The hospital is currently in the “pre-application” process with USDA, Humes added.
The aldermen agreed to issue a letter of support as the hospital goes through the refinancing process. The county has also authorized a letter of support, Humes noted.