Here are five things to know about the financing.
1. The financing comes through two transactions.
2. One part of the financing — a $53.6 million tax-exempt bond — will help pay for hospital renovations, according to a news release.
3. Renovations slated for the UMass Memorial Medical Center’s Memorial and University campuses in Worcester include relocating and upgrading various spaces, such as offices and waiting rooms, as well as developing pathways, public corridors and atriums, the release states. Other renovations, such as putting in an emergency power and combined heat and power system and replacing distribution systems, are also planned.
4. Another part of the financing includes a $75 million tax-exempt lease and $50 million tax-exempt bond paid for by Bank of America Public Capital Corp. According to the release, proceeds from this financing will go toward implementation of an EMR and information management system at health system facilities.
5. UMass Memorial Health Care President and CEO Eric Dickson, MD, said of the financing: “These renovations allow us to care for our patients in the most comfortable and convenient settings available while giving our caregivers the most modern tools and resources to ensure their success. Thanks to our continued positive and improved credit ratings, our system is enjoying this funding at a premium rate.”
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