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- Improving the Informed Consent Process
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- Progressive Communications Positively Impact Quality of Care - Fox Chase Cancer Center Case Study
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- Disaster Preparedness: Wireless Communication in Hospital Disaster Preparedness and Recovery
- Improving Heart Failure Outcomes through Interactive Patient Care: The Sentara Virginia Beach General Hospital Experience
Case study: NJ hospital refinances bond debt
Want to know how much it costs to bail out of the imploding auction-rate bonds market? For one New Jersey hospital, the price tag was $16 million. The Hackensack Medical Center received permission last week to refinance $147 million in outstanding auction-rate bonds. Pushed up by the panic in the auction-rate market, the bonds had seen interest rates double over one month. To get out from under, Hackensack agreed to pay about $7.1 million in professional fees, and another $9 million in fees to undo a related interest-rate hedging deal.
Hackensack joins a throng of New Jersey borrowers that are working on such deals. Last week, a state agency that organizes loans for hospitals and colleges approved plans to speed up refinancing deals for $1 billion in auction-rate bonds.
To learn more about the New Jersey bond situation:
- read this piece from The Star-Ledger
Related Articles:
Auction-rate bond crisis bodes ill for non-profit providers. Editorial
MA authorities make bond transactions easier. Report
IRS cracking down on post-issue bond proceed use. Report
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