Holy Redeemer Health System is scheduled to tap the
municipal bond market next week for $70.9 million, which it will use for $50
million in capital needs and to repay older bond debt, according to Fitch
Ratings.
Fitch said Holy Redeemer will spend $10 million to create
a 60- to 70-bed facility for patients with Alzheimer's, dementia, and other
types of memory problems across from Holy Redeemer Hospital & Medical
Center, in Meadowbrook, Montgomery County. Completion of the memory-care
facility is expected in 2019.
Other projects include upgrades to the hospital and the
addition of ambulatory care centers in Warminster next year and in Richboro in
2018, Fitch said.
Holy Redeemer had a very narrow operating profit of
$956,000 on revenue of $392 million in the year ended June 30. Management has
budgeted a $3 million operating loss in the current fiscal year, but a return
to profitability is expected in 2018, Fitch said..
Source: Philly.com
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