DASNY Closes on $762.8 Million Bond Issuance for Northwell Health Obligated Group for Projects to Improve Care at Long Island, Westchester and Staten Island Hospitals

The Dormitory Authority of the State of New York (DASNY) today closed on a $762.8 million bond issuance for Northwell Health Obligated Group that will support a wide range of enhancements to the care at Long Island, Westchester, and Staten Island hospitals, and refund additional bonds to provide savings.

Specifically, $700 million of the Series 2024A bonds, together with corporate equity, will support projects to expand capacity, offer additional services, and/or improve infrastructure at the following hospitals: Long Island Jewish Medical Center, Glen Cove Hospital, John T. Mather Memorial Hospital, North Shore University Hospital, Northern Westchester Hospital, Phelps Memorial Hospital Center, Staten Island University Hospital, and South Shore University Hospital.

These projects include the following.

• Long Island Jewish Medical Center: Renovation of two existing cardiac catheterization laboratories, one to construct a new state of the art cardiac catheterization laboratory and a second one to create a combination electrophysiology/cardiac catheterization laboratory;
• South Shore University Hospital: Construction of a new patient pavilion;
• North Shore University Hospital:Completion of the Petrocelli Surgical Pavilion; and
• John T. Mather Memorial Hospital: Renovations of its Emergency Department.

The issuance also will reflect the refunding of DASNY's outstanding North Shore- Long Island Jewish Obligated Group Revenue Bonds, Series 2009B, C and D Bonds.

DASNY President Robert J. Rodriguez said, "Northwell Health is one of New York's critically important health providers, and DASNY is proud to partner with the Northwell Obligated Group to provide access to capital financing for projects to cost effectively enhance the health care offerings they provide. These financings will create an impressive array of services and options for patients and providers. We look forward to seeing the buildings that are receiving bond proceeds when construction is completed."

Michele Cusack, Northwell Health Executive Vice President and Chief Financial Officer, said, "DASNY continues to be a valued and trusted partner in helping Northwell achieve our mission to improve the health and quality of life of the communities we serve."

The lead manager of the transaction was Morgan Stanley, and the transaction was supported by co-bond counsel Orrick, Herrington & Sutcliffe LLP, and Holley & Pearson-Farrer LLP.

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