FORT LAUDERDALE, Fla., Nov. 21, 2017 /PRNewswire/ -- Broward Health this morning announced the successful pricing and sale
At the conclusion
The proceeds of the Series 2017B Bonds are being utilized to fulfill multiple Broward Health objectives, including funding for capital investments into signature projects such as expansion of the Salah Foundation Children's Hospital at Broward Health. Bond proceeds will also mitigate the risk to Broward Health's balance sheet by refinancing variable debt with long-term fixed rate borrowing. They will also enhance Broward Health's unrestricted cash balances.
"Achieving an appropriate level of permanence to the capital structure of Broward Health is vital to its financial stability and ability to fulfill its mission," said Christopher T. Ure, North Broward Hospital District Board Vice Chair. Ure, who has more than 25 years of experience in the investment banking and financial services industries, said he was pleased with the results of the bond issuance. "The overwhelming interest the market has shown in this offering is recognition of the strength of Broward Health, the critical role it plays in our community, and the level of confidence the market has in our management team and board."
Broward Health interim CEO Beverly Capasso said, "The bond sale is a significant milestone in our turnaround and transformation. It means a positive prognosis for the future of Broward Health."
Broward Health Chief Financial Officer Alan Goldsmith said, "This excellent pricing and sale result is the culmination of several months of careful planning and strategic decision-making and is another step in ensuring the financial stability of Broward Health for the foreseeable future."
About Broward Health
Broward Health, providing service for more than 75 years, is a nationally recognized system in South Florida that offers world-class healthcare to all. The Broward Health system includes the statutory teaching hospital Broward Health Medical Center, Broward Health North, Broward Health Imperial Point, Broward Health Coral Springs, Salah Foundation Children's Hospital, Broward Health Weston, Broward Health Community Health Services, Broward Health Physician Group, Broward Health Urgent Care, Broward Health International, and Broward Health Foundation. For more information, visit BrowardHealth.org.
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SOURCE Broward Health
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