NS-LIJ Bonds

Crain’s Health Pulse
September 26, 2013
NS-LIJ Bonds

Investors were able to purchase $250 million in fixed-rate revenue bonds for the North Shore-LIJ system this month. The bonds were offered with the assurance of a Fitch rating of A- and an outlook of "positive." The ratings agency on Sept. 4 issued a revised rating report that corrected some earlier figures Fitch used in an earlier assessment of NS-LIJ's efforts to reverse losses at Lenox Hill Hospital. Fitch noted that the 2012 operating loss was significantly reduced to $3.3 million, from a $19.8 million loss in 2011, and that the facility reported a $14.3 million gain from operations for the six-month interim period ended June 20, 2013. The changes did not affect the rating or outlook. The system will use the proceeds of these taxable bonds to reimburse capital expenditures already made and provide capital to fund its transition to population health, information technology investments and infrastructure for its new insurance company.

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