Yuma, Arizona to Sell $299M of Bonds for Regional Medical Center

Dow Jones2024-09-11

By Zaeem Shoaib

The Industrial Development Authority of the City of Yuma, Arizona is selling $299 million in revenue bonds to fund projects for the only acute care facility in the area.

The authority will sell hospital revenue bonds on behalf of the Yuma Regional Medical Center, with maturities ranging from 2025 to 2054, according to a posted Monday on MuniOS. Interest on the bonds will be payable Feb. 1 and Aug. 1.

The bonds are expected to be available for delivery in October.

Proceeds from the issuance will partly be used to finance the development of three new facilities. That includes building a new health professions building, and acquiring land for a new micro hospital and out patient facilities. Money will also be used to pay for other improvement projects, equipment acquisitions and installations on or around the medical center's main campus.

Yuma Regional Medical Center is a nonprofit corporation and operates a 406-bed general hospital. It's the only acute care facility in Yuma County, which has about 213,000 residents, and is located in southwest corner of the state near the border with Mexico. The hospital had total operating revenue of $740.5 million for the year ended Sept. 30.

S&P Global Ratings and Fitch Ratings both assigned a rating of A to the bonds.

BofA Securities is acting as lead manager on the sale.

Write to Zaeem Shoaib at zaeem.shoaib@wsj.com

(END) Dow Jones Newswires

September 10, 2024 12:10 ET (16:10 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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