Phoenix-based Banner Health secured a $550 million revenue bond issue to finance the construction of two new teaching hospitals in Tucson, Ariz., and Phoenix, according to Az Central.
The bonds will be used to help finance $325 million of a new 16-story patient tower currently under construction at Banner University Medical Center in Phoenix, and another $225 million will finance the construction of a nine-story tower at Banner University Medical Center in Tucson.
When the construction is completed in Phoenix, the tower will house 256 inpatient beds, an emergency department, trauma center, operating rooms and lab space. The 16-story tower is expected to be completed by October 2018.
The new hospital tower in Tucson will replace the current hospital, include 200 patient rooms and provide new laboratories, operating rooms and diagnostic centers, according to The Daily Wildcat.
The Maricopa County Board of Supervisors approved the bond issue Sept. 6. Banner Health is obligated to pay off the bonds, under the agreement.