In what could be another sign that the bond market is thawing a bit, Geisinger Health System has announced that it's seeking approval for up to $300 million in tax-exempt bonds. It's all part of a continuing growth spurt for the system, which plans to add 1,500 jobs over the next five years.
Geisinger expects to borrow about $230 million of the proposed $300 million total, devoting much of the funding to build a new "advanced medicine" hospital.
The system is planning a 30-year bond issue, which it hopes to finalize by June. If Geisinger gets a particularly good deal on the financing, it may use the proceeds to pay down its existing debt load, officials said.
The bond issue can't go ahead, however, until Geisinger gets county government approvals from each of the seven counties as required by state law. System leaders are making their pitch to the relevant county commissions over the next few weeks.
To learn more about the planned issue:
- read this piece from The Daily Item
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