The Augusta Economic Development Authority approved a resolution allowing Augusta (Ga.) University Health to borrow up to $230 million, Greg Damron, the healthcare network's CFO, confirmed to Becker's Hospital Review.
Mr. Damron said the $230 million bond issuance is for refinancing existing debt, reimbursement for completed projects and new project funding.
"The majority of the funding is to refinance existing debt. However, about $25 million will be used to reimburse AU Medical Center for previous capital projects, including the recently completed hybrid operating suite and outpatient transplant center and renovations to a seventh-floor inpatient unit; with another $25 million being allocated for new projects, such as additional medical office space, cardiac intensive care renovations, pharmacy upgrades, and other projects to enhance patient care and access," he said.
Augusta University Health officials said the approved resolution includes a 7 percent interest rate to allow for market fluctuation, and they anticipate the bond sale in October.
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