By Paulo Trevisani
The Dormitory Authority of the State of New York plans to issue $200 million of municipal bonds on behalf of Mount Sinai Hospital.
Proceeds from the Series 2025 bonds will finance the acquisition, construction, rehabilitation, and equipping of health care and supporting facilities for MSH and its affiliates, St. Luke's-Roosevelt Hospital Center and South Nassau Communities Hospital, according to a preliminary official statement posted to MuniOS.
Specific projects include a new outpatient facility, renovations to existing facilities, acquisition of equipment, and implementation of an electronic medical records system.
Proceeds will also refund some of MSH's outstanding taxable debt, and cover issuance costs.
Investors will be repaid by revenue collected by MSH, which reported total operating revenue of $4.69 billion in 2024.
The authority plans to sell fixed rate serial and term bonds. In what amounts those securities will be sold, specific maturity dates, and other details are yet to be determined.
The Mount Sinai Health System operates seven hospital campuses, a school of medicine, and has what it describes as a large ambulatory footprint in the New York City area. It also has locations in the suburbs of New York City, New Jersey and Florida.
The bonds were assigned a Baa3 rating by Moody's and BBB by S&P Global Ratings.
Jefferies is the lead underwriter.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
(END) Dow Jones Newswires
July 11, 2025 14:00 ET (18:00 GMT)
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