What We Do

• Capital Advisory Services
• Derivative Services
• Merger & Acquisition Services
• Investment Management Services

Capital Advisory Services

Ponder & Co. is the leading U.S. independent financial advisor to healthcare organizations seeking access to the bond markets. Our expertise includes credit and debt capacity analysis as well as detailed knowledge of financial products such as bonds, interest rate swaps and other derivatives, and guaranteed investment contracts. We also advise our clients in determining the appropriate fees to pay for the financial product and, most important, the appropriate interest rate that would apply to the financial product given current market conditions. Because we are continually active in the capital markets, we keep current with constant changes occurring in the development of financial products, security provisions, interest rates and regulatory requirements. Our advice is free of any conflicts of interest in that we have no vested interest in selling or promoting any particular financial product.


Ponder & Co. is the leading U.S. independent financial advisor to healthcare organizations seeking access to the bond markets.

Derivative Services

Derivative Advisory Services are highly specialized services that are offered by our Capital Markets Group. Most plans of finance proposed or recommended by the investment banking community contain the potential use of derivatives, from interest rate swaps to rate locks. Our focus is on providing independent advice focused on suitability and risk analysis. We often recommend the implementation of a swap policy to help guide future decisions. If execution of a swap is deemed appropriate, we are involved with negotiation of structure, terms and financing. We offer three important services:

• Assessment of the appropriateness and value of derivatives
• Transaction execution
• Market monitoring

Merger & Acquisition Services

Buying and selling operating assets are infrequent activities for most healthcare providers. Certainly, these activities occur less often than accessing the capital markets. Consequently, healthcare providers can benefit from the active involvement of an independent financial advisor with experience in valuing healthcare assets and in negotiating the terms and conditions of buying or selling those businesses or engaging in other forms of change of control transactions.

Ponder & Co. professionals have actively participated in the consolidation of the healthcare industry since 1984. We primarily represent not-for-profit clients in the sale, purchase and merger of healthcare assets. Such transactions can be the single most important event in the life of any organization and, as such, need to be supported by knowledgeable and experienced professionals. Healthcare management and trustees rely on outside experts to:

• Analyze and understand the strategic options available to an organization
• Confirm the fair market value of assets being acquired or sold
• Manage the negotiations involved in a transaction, particularly when the other party is a more experienced for-profit operator of healthcare businesses
• Improve the client's advantage in a highly competitive process to acquire healthcare assets

Ponder & Co. functions as the lead negotiator and project director for all phases of the acquisition and divestiture process. The project team we coordinate includes key experts in various business and legal specialty areas to review all aspects of the acquisition. We provide assessment of strategic options, fairness opinions, other special purpose opinions, and valuations as necessary.

Investment Management Services

Ponder Investment Co. (PIC) provides fixed income investment management solutions for healthcare institutions, universities and other not-for-profit institutions. We manage over $2.0 billion in assets including bond proceeds, self-insurance funds, funded depreciation accounts, board designated funds and excess working capital funds.

PIC serves clients strictly as an independent investment advisor, compensated only by the management fees. There are no soft dollar arrangements, no inventory of securities to push and no commissions. PIC specializes in high quality, fixed income securities, the investment sector that the majority of not-for-profit organizations include as core investments in their investment policies. PIC investment strategies are responsive to the clients' primary objectives - preservation of invested capital and a return on investment that is higher than average with no undue risk.

PIC clients benefit from:

• An experienced portfolio management team with over 40 years of experience managing fixed income assets
• Independent market expertise
• Our ability to shop among broker-dealers for the best price execution on a security
• Continuous monitoring of opportunities to improve the rate of return while minimizing the risk/reward profile - opportunities which are frequently missed by executives who have many additional responsibilities beyond investment management

The Ponder Investment Co. tailors its advisory strategy to each client's unique investment needs. We provide comprehensive custom monthly investment reports to our clients. Our portfolio managers are available for finance committee and board presentations. We act as an extension of the in-house finance staff - which frees up management personnel from the extensive time required for tracking, analyzing and reporting investment activities.