(Plain Press, April 2017) On March 22, the MetroHealth Board of Trustees unanimously approved the issuance and sale of up to $1.3 billion in bonds to fund the health system’s campus transformation. MetroHealth anticipates a 40-year final maturity to fund all associated costs of the campus transformation.
MetroHealth self-issued the bonds. Bank of America Merrill Lynch and J.P. Morgan Securities are co-lead underwriters for the sale of the bonds. Kaufman, Hall and Associates has acted as financial advisors for the campus transformation since 2015.
MetroHealth’s campus transformation will include significant construction projects on its 52-acre main campus. Plans call for a new 12-story hospital building, a 1200-1500 car parking garage, and a central utility plant. Buildings will be demolished to make way for green space and internal roads, with additional plans to revitalize the W. 25th Street corridor.
The first phase of the campus transformation 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.
Editor’s Note: For more information visit metrohealth.org.