The hospitals reported the operating loss on $653 million in revenue in fiscal year 2017. The revenue is roughly the same as the year prior, according to a preliminary bond-offering statement.
While Tower Health did not disclose all financial terms of its transaction with CHS, the bond-offering statement revealed Tower Health used part of a $491 million bridge loan to complete the purchase. Tower Health also repaid $44.7 million in debt from a prior bond offering.
The acquisition upped Tower Health’s net patient revenue to $1.56 billion, representing a 69 percent increase, The Philadelphia Inquirer reports.
The acquired hospitals are Brandywine Hospital in Coatesville, Phoenixville Hospital, Pottstown Memorial Medical Center, Jennersville Regional Hospital in West Grove and Chestnut Hill Hospital in Philadelphia.
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