Scott & White requests use of bonds for Marble Falls project
- Bonds one part of funding package for Hurd Regional Medical Center -
CENTRAL TEXAS, Texas – Scott & White Healthcare announced today it has requested a bond issue as part of a larger financial package that includes refinancing other System debt for principal and interest savings to fund construction of the Hurd Regional Medical Center in Marble Falls.
Through the implementation of these plans, Scott & White demonstrates and continues its commitment to growing the Marble Falls community. The project, which includes a 46-bed hospital and a 60,000 square-foot multispecialty clinic comprised of outpatient procedure suites, infusion center, imaging centers and urgent care facilities, will be a part of over 100 acres of developed property and is projected to cost over $150 million. The specialty clinic is slated to open the summer of 2013, followed by the hospital in fall of 2014. Recruitment has begun for the 30 physicians who will staff the medical center; ultimately, the complex will employ over 500 staff.
Funding of the entire project will be through a combination of operating cash flow, philanthropy, and $60 million of fixed rate bonds issued by Scott & White in the public markets utilizing the strength of its A1 / A / AA- credit ratings. The bonds will be underwritten by Goldman Sachs and Citi in mid-February 2013.
For more information, contact:
- Rhona Williams London
Media and Public Relations
Scott & White Healthcare
January 17, 2013