CASE STUDY REFINANCING FOR WELLSPRING LUTHERAN GENERATES LIQUIDITY AND FLEXIBILITY FOR CURRENT AND FUTURE STRATEGIC DECISIONS BACKGROUND Wellspring Lutheran Services (“Wellspring”) was founded in 1893. The organization provides senior housing, skilled nursing, assisted living and memory care in five locations in Michigan: Monroe, Frankenmuth, Livonia, Saginaw and Fairview. Additionally, Wellspring provides certified home healthcare and hospice services within greater Saginaw County and home and community based services to older adults residing in Frankenmuth, Alpena and Saginaw, MI as well as various child and family services. Wellspring’s Obligated Group consists of the parent corporation and five other entities. These entities include: Lutheran Home Care Agency, L

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