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.
The MetroHealth System is an essential health system committed to providing health care to everyone in Cuyahoga County, Ohio, and improving the health of the community overall. Its 7,500 employees deliver care to everyone at its main campus, just west of downtown Cleveland, and at more than 20 other MetroHealth locations. Two new hospitals have recently opened in Cleveland Heights and Parma, and MetroHealth also provides health care at more than 40 additional sites in Cuyahoga County through community partnerships.
MetroHealth is home to Cuyahoga County’s most experienced Level I Adult Trauma Center, verified since 1992 by the Committee on Trauma of the American College of Surgeons, and one of two adult and pediatric burn centers in the state of Ohio verified by the American Burn Association. MetroHealth also is home to a verified Level II Pediatric Trauma Center.
In the past year, MetroHealth provided more than 1.4 million patient visits in its hospital and health centers. MetroHealth is also an academic medical center committed to teaching and research; each of its active physicians holds a faculty appointment at Case Western Reserve University School of Medicine. MetroHealth has earned Magnet status, which places it in the top six percent of all hospitals nationwide for nursing excellence.
MetroHealth’s mission is, “Leading the way to a healthier you and a healthier community through service, teaching, discovery and teamwork.” For more information, visit metrohealth.org.