Press Release

For More Information Contact the NJHCFFA
Communications Department:
609-292-8585 X142

 

For Release:  May 23, 2006

 

MARK E. HOPKINS
EXECUTIVE DIRECTOR

FOR IMMEDIATE RELEASE
CONTACT:  Stephanie Bilovsky
PHONE: 609-292-8585
Date: May 23, 2006

 

$35 MILLION ISSUED ON BEHALF OF VIRTUA HEALTH FOR
INFORMATION TECHNOLOGY DIGITIZATION SYSTEM

 

(Trenton)  The New Jersey Health Care Facilities Financing Authority (the "Authority") closed a $35,000,000 transaction on behalf of Virtua Health, Inc., the largest health care provider in South Jersey. In addition to operating Mt. Holly's Virtua-Memorial Hospital, Virtua Health, Inc. operates general acute care hospitals in Berlin, Marlton and Voorhees, as the parent company of Virtua-West Jersey Health System.

 

The proceeds will be used to finance an information technology digitization system at all hospital locations and support sites. The bonds, secured by a gross receipts pledge under a Master Trust Indenture, provide Virtua with market flexibility through a weekly variable rate financing. 

 

The Authority is the primary issuer of municipal bonds for New Jersey's health care organizations. Created in 1972 by an act of the Legislature to provide not-for-profit health care providers with access to low-cost capital, the Authority's statutory powers were expanded in 1998 to include financing for all health care organizations or components thereof. During its 30+-year history, the Authority has issued over $12 billion in bonds on behalf of over 140 health care organizations throughout the state.

 

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