Press Release

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

 

For Release: June 15, 2006

 

MARK E. HOPKINS
EXECUTIVE DIRECTOR

FOR IMMEDIATE RELEASE
CONTACT:  Stephanie Bilovsky
PHONE: 609-292-8585
Date: June 15, 2006

  

HOLY NAME HOSPITAL RECEIVES $60 MILLION
FOR E.R. UPGRADES AND REFINANCINGS

 

(Trenton)  The New Jersey Health Care Facilities Financing Authority (the "Authority") closed a $60,000,000 transaction on behalf of Holy Name Hospital.  The proceeds will be used to renovate, expand and equip the Emergency Department at the Hospital; currently refund the COMP Series 1998 A-4 bonds; currently refund the COMP Series 2001 A-2 bonds; refinance certain capitalized leases; and fund the acquisition of capital equipment and other renovations.

 

With a final maturity date of July 1, 2036, the bonds were rated "BBB" by S&P, and "Baa2" by Moody's.  Secured by a mortgage lien on hospital property and gross receipts pledge, the tax-exempt bonds carry an all-in interest cost of 5.12%.

 

Holy Name Hospital, founded and sponsored in 1925 by the Sisters of St. Joseph of Peace, is comprehensive 361-bed acute care medical center that provides a high quality care across a continuum that extends from prevention through treatment and on toward recovery and wellness. On a historic note, it was the first hospital in New Jersey and the first hospital in the nation to receive three JD Power and Associates Distinguished Hospital Awards for Inpatient, Outpatient and Emergency Service Excellence. 

 

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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