The bonds will be used to refund $43 million in variable rate demand bonds issued in 2008 and backed by an expiring, five-year letter of credit, according to Kass Matt, senior vice president and regional manager at Lancaster Pollard, the firm responsible for underwriting the bond offering.
An additional $8.5 million in financing will be used to build a cancer treatment center and other capital projects. Proceeds also funded a debt service reserve fund, the cost of the issuance as well as to terminate an interest rate swap on a portion of the 2008 bonds.
More Articles on Hospital Financing:
Bond Market: How Did 2012 Stack Up? How’s 2013 Shaping Up?
Wallowa County Health Care District Secures $3.45M in Funding for Care Center
Kennedy Health System Issues $66M in Bonds for Refunding, Financing New Projects
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