Broward Health Announces Pricing and Sale of $317 Million of Tax-Exempt Bonds

November 28, 2017

Broward Health this morning announced the successful pricing and sale of $317 million of tax-exempt Revenue Bonds, Series 2017B (the “Bonds”).  The Bonds were fully subscribed within five hours of being made available yesterday to retail and institutional investors.

At the conclusion of the order period, there were total orders of $514 million, well in excess of the amount offered, and indicative of investor sentiment towards the credit-worthiness of the North Broward Hospital District, which operates as Broward Health.  As a result of the significant investor demand for the Bonds, Broward Health was able to secure long-term fixed rate borrowing at a very low true interest cost of 4.24 percent.

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.”


See the latest posts on our homepage


Topic Area: Press Release

Recent Posts
Recent Posts

Florida hospital says it's prepared for mass shooting

The healthcare facility uses lessons learned from tragedies and incorporates them in its plans.


House passes bill weakening Americans With Disabilities Act

Disability rights advocates and Democratic leaders say bill removes incentives for businesses


Ideas for dealing with linen hoarding

Management software, policies and education are key


Tougher penalties sought for patients who assault Hawaii healthcare workers

There were 1,075 assaults against healthcare workers in Hawaii hospitals, nursing homes and patients’ homes in 2017


Study suggests hand-washing helps decrease nursing home deaths

Researchers recommend using hospital hand-hygiene protocols


Post Comment


• News and Updates
• Webcast Alerts
• Building Technologies

All fields are required.