Farmington, Conn.-based UConn Health’s March 1 acquisition of Waterbury (Conn.) Hospital from Los Angeles-based Prospect Medical Holdings will be supported by $148 million in bond anticipation notes as part of the University of Connecticut’s broader $582 million bond sale.
The BANs, which are scheduled to close March 24, will also support the capital improvements at the facility, according to a news release shared with Becker’s.
“The success of this bond sale will allow UConn to continue to invest in its many initiatives centered on student success, research impact and statewide economic vitality,” UConn CFO Jeff Geoghegan said in the release. “It also furthers our mission of expanding access to high-quality healthcare by enabling capital improvements at UConn Health Waterbury Hospital.”
The hospital financing is part of a larger $582 million transaction that is the biggest in the UConn 2000 bonding program’s 30-year history. It also includes funding for academic and research facilities at its Storrs (Conn.) campus.
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