Palmetto Health to use bond issue funds to refinance expansion

Palmetto Health said Saturday it plans to utilize $20 million in bonds issued via the South Carolina Jobs-Economic Development Authority (JEDA) to refinance its previous acquisition of land, buildings and other hospital improvements in Richland County.

“Palmetto Health has helped to restore the health of countless citizens of our state for many years. We are pleased to help finance the facilities that make this work possible,” JEDA Executive Director Harry Huntley said. 

Palmetto Health will use the assets to refinance a portion its Series 2009 bonds originally issued for the purpose of expansion.

“Refinancing a portion of the Palmetto Health debt incurred while expanding to serve the needs of its community and beyond was a complicated transaction and we’re privileged to have had a role,”  Chapman and Cutler, LLP Bond Counsel David Kates said.

With 8,322 employees, Palmetto Health is the area’s largest health care provider. Palmetto Health serves as the parent organization of Palmetto Health Baptist, Palmetto Health Baptist Parkridge and Palmetto Health Richland hospitals.

Jeda promotes South Carolina’s economic welfare by assisting in public and private project financing throughout the Palmetto State. It has issued 400 bonds for over $6 billion to stimulate South Carolina's economy, resulting in the creation of more than 25,000 new jobs.

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