Press Release

For More Information Contact the NJHCFFA
Communications Department:
609-292-8585 X142
For Release: February 20, 2009

 

MARK E. HOPKINS
EXECUTIVE DIRECTOR

CONTACT: Stephanie Bilovsky
PHONE: 609-292-8585
Date: February 20, 2009

 

 APPROX. $15 MILLION ISSUED ON BEHALF OF CHRISTIAN HEALTH CARE CENTER

 

(Trenton) Today, the New Jersey Health Care Facilities Financing Authority (the "Authority") successfully closed a $14,970,000 bond issuance on behalf of Christian Health Care Center ("CCHC"), located in Wyckoff. Through this financing, CHCC refinanced approximately $11.5 million of outstanding 1997 Authority bonds and funded approximately $3 million worth of construction and equipment. Proceeds were also used to reimburse CHCC for prior capital expenditures.

 

The bonds were issued in a variable rate format with a rating of "A/A-1" by S&P based on a Valley National Bank letter of credit. The initial interest rate for the bonds is 0.55%; this rate will be reset weekly.

 

CCHC provides a continuum of elder care and mental health services including skilled nursing care, residential care, assisted living, inpatient and outpatient mental health care and medical and social day care.

 

The Authority was created in 1972 by an act of the Legislature to provide not-for-profit health care providers with access to low-cost capital. It is the primary issuer of municipal bonds for New Jersey's health care organizations. During its 35+ year history, the Authority has issued over $15 billion in bonds on behalf of over 140 health care organizations throughout the state.

 

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