Doylestown Hospital says it's boosted its financial position with $237 million in new bond sales plus the $27.5 million sale of its majority interest in its Health and Wellness Center in Warrington.
Partly, the bonds will pay off previous debt averaging 5 percent; the new borrowing averages 4 percent, said CFO Doug Boyle.
The cheaper money reflects the hospital's growth in wealthy mid-Bucks County, plus the hospital's "strong relationships with our banks," Boyle added. PNC Capital Markets is leading the sale.
The sale of the center raises a net $3 million in cash and made it easier for Doylestown to go forward with a new $63 million, 40-bed emergency facility, says Dr. Scott Levy, chief medical officer. The hospital will pay $3 million, raise $10 million from donors, and use $50 million in bond proceeds, Boyle said.
Moody's last month had affirmed Doylestown's A3 bond rating but questined its "highly leveraged" balance sheet.
Anchor Health Properties, a Wilmington-based REIT run by chief executive officer Paula Crowley, said it's buying the center, with a partner Anchor won't name.
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