Press Release


For More Information Contact the NJHCFFA
Communications Department:
609-292-8585 X120
For Release: December 18, 2007

CONTACT: Stephanie Bilovsky
PHONE: 609-292-8585
Date: December 18, 2007




(Trenton)  Today, the New Jersey Health Care Facilities Financing Authority (the "Authority") successfully closed a $65,175,000 transaction on behalf of Saint Peter's University Hospital ("Saint Peter's").  The proceeds of the bonds, together with other funds, will be used to: renovate existing Saint Peter's public and patient care areas; reimburse Saint Peter's for various equipment and furnishings including a portion of the costs related to the purchase of an information technology system; and currently refund a portion of the Authority's Series F Bonds issued in 1993.


The bonds will be secured by a Note issued under a Master Trust Indenture, secured by a pledge of gross receipts and mortgages on certain properties, and they have a final maturity of July 1, 2037.  Rated "BBB-" from Standard & Poor's and "Baa2" from Moody's Investors Service, the bonds received an all-in true interest cost of 5.817%.


Saint Peter's, a non-profit, acute-care facility sponsored by the Roman Catholic Diocese of Metuchen, is a technologically-advanced, 478-bed teaching hospital that provides a broad array of services to the community - from sophisticated care of premature babies to specialized geriatric medicine.  Saint Peter's delivers approximately 6,100 newborns annually, which is more than any other facility in New Jersey, and it is also affiliated with The Children's Hospital of Philadelphia. 


The Authority, the primary issuer of municipal bonds for New Jersey's health care organizations, was created in 1972 by an act of the Legislature to provide not-for-profit health care providers with access to low-cost capital. During its 30+-year history, the Authority has issued over $12 billion in bonds on behalf of over 140 health care organizations throughout the state.


Please refer any questions regarding the project itself to the hospital.  The Authority would be happy to answer any questions you may have about the financing of the project.