Press Release

For More Information Contact the NJHCFFA
Communications Department:
609-292-8585 X142
For Release: January 5, 2006
MARK E. HOPKINS
EXECUTIVE DIRECTOR

CONTACT: Stephanie Zschunke
PHONE: 609-292-8585
Date: January 6, 2006

 

HUNTERDON MEDICAL CENTER RECEIVES $22,500,000 IN FUNDING FOR A NEW PARKING GARAGE AND FACILITY IMPROVEMENTS

 

(Trenton) Yesterday, the New Jersey Health Care Facilities Financing Authority closed a $22,500,000 transaction on behalf of Hunterdon Medical Center. The proceeds from the Series 2006A bonds will be used to: construct a parking garage on Hunterdon's main campus; improve the hospital's core buildings; acquire capital equipment; refinance a taxable bank loan; and reimburse Hunterdon for certain pre-construction costs related to the construction of a health and wellness center.

 

The hospital originally requested an issuance of approximately $35 million, however, a portion of those funds were designated for a project that had not yet received all local building approvals and the timeline for obtaining the approvals could not be determined. Therefore, instead of potentially delaying the entire financing, it was decided that the issuance could be broken up into two series to accommodate for the difference in timing.

 

The New Jersey Health Care Facilities Financing Authority is the primary issuer of municipal bonds for New Jersey's health care organizations. Created in 1972 by an act of the Legislature to provide not-for-profit health care providers with access to low-cost capital, the Authority's statutory powers were expanded in 1998 to include financing for all health care organizations or components thereof. During its 30+-year history, the Authority has issued over $12 billion in bonds on behalf of over 140 health care organizations throughout the state.

 

###