Doylestown Hospital: Sell, build, refi

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.