Expanding Twin Cities Hospital Takes Rare Dip Into Market

Shields, Yvette
May 2003
Bond Buyer;5/14/2003, Vol. 344 Issue 31635, p30
Trade Publication
North Memorial Health Care of Minnesota plans to enter the tax-exempt market with 183 million dollar of new-money and refunding auction-rate securities. The hospital has long been absent from the market, managing to finance its relatively minor capital needs with cash, but the addition of the new tower combined with the municipal market's low rates lured the health care center. The hospital's independence is a rarity among the major health care participants in the Twin Cities market, where most facilities tend to be aligned with systems such as Allina Hospitals and Clinics and Fairview Health System, both of which operate hospitals within 10 to 15 miles of North Memorial Health Care. The hospital holds a leading market share of 32 percent in its primary service area.


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