UPMC has issued $1.6 billion in bonds and has earmarked the proceeds for capital projects across the health system, including the patient tower being built at UPMC Presbyterian-Oakland in Pittsburgh, its flagship academic medical center, according to the Pittsburgh Business Times.
The bond issue is the largest amount ever issued by the health system, according to the report. The issuances include $1.371 billion in bonds that include $800 million taxable and $571 million tax-exempt. The bonds also included $350 million that refunds other debt.
UPMC also closed on a $250 million bond that is directly placed with a bank, according to the Pittsburgh Business Times.
In 2022, the health system issued a little more than $900 million in bonds.