MetroHealth Board of Trustees Unanimously Approves Sale of Bonds for Campus Transformation
The MetroHealth System Board of Trustees unanimously approved the issuance and sale of Hospital Revenue Bonds, Series 2017, to fund the System’s campus transformation. The vote occurred during a regular meeting of the Board on Wednesday, March 22.
MetroHealth will serve as self-issuer of up to a maximum of $1.3 billion of bonds, with an anticipated 40-year final maturity to fund all associated costs of the campus transformation.
Bank of America Merrill Lynch and J.P. Morgan Securities are co-lead underwriters for the sale of the bonds. Kaufman, Hall & Associates has acted as financial advisors for the campus transformation since 2015.
MetroHealth’s campus transformation includes significant construction projects on its 52-acre main campus, including the building of a new 12-story hospital building, 1200 -1500 car parking garage and central utility plant. Buildings will be demolished to make way for green space and internal roads, with additional plans to revitalize the West 25th Street corridor. The first phase of the project started in 2015 with the demolition of the Northcoast Behavioral Health Care Facility and the construction of the $82 million, two-story addition to the existing Critical Care Pavilion, which opened in July 2016.
Founded in 1837, MetroHealth is leading the way to a healthier you and a healthier community through service, teaching, discovery, and teamwork. Cuyahoga County’s public, safety-net hospital system, MetroHealth meets people where they are, providing care through four hospitals, four emergency departments, and more than 20 health centers and 40 additional sites. Each day, our 8,000 employees focus on providing our community with equitable health care–through patient-focused research, access to care, and support services–that seeks to eradicate health disparities rooted in systematic barriers. For more information, visit metrohealth.org.