Genesis Health Care Systems To Sell Bonds

by Mackenzie Stasko on April 4, 2013 at 8:24 am

The hospital received a "BB+" rating from Standard & Poor’s Rating Systems which will allow the hospital to sell bonds to help fund the construction and renovation of Bethesda Hospital.

"What it means is, they provided us a rating with BB+ and what that’s going to allow us is to go out and market the bonds to investors," said Chief Financial Officer for Genesis Healthcare Systems, Paul Masterson.

The primary buyers of the bonds will be institutional buyers and mutual funds. They will also be available for purchase through various brokers in the community. Masterson says the rating was requested and says he is happy to receive a positive rating, which will allow them to meet their original objective.

"The bonds will go towards a number of things. One obviously completing the renovation of the current Bethesda building, it will also go towards a three story tower that will house emergency rooms services, surgical services, critical care services."

Masterson says the marketing process for the bonds will start over the next couple of weeks.