Rex Healthcare Raises $150 million in Bonds for New N.C. Heart & Vascular Hospital
RALEIGH, N.C. Rex Healthcare is proud to announce that it raised $150 million in debt to help pay for constructing and equipping the new N.C. Heart & Vascular Hospital.
Rex sold $50 million in tax-exempt, fixed rate bonds that were issued by the North Carolina Medical Care Commission. The non-profit health system raised another $100 million in variable debt directly with a bank.
Borrowing this money is an important step for Rex as we continue building a state-of-the-art heart and vascular hospital that will improve the overall health of our community and patients for generations to come, said Steve Burriss, president of Rex. This is the largest construction project since we moved to this campus in 1980 and we’re pleased that investors share our confidence in Rex's bright future.
The eight-story, 300,000-square-foot N.C. Heart & Vascular Hospital is scheduled to open in early 2017. This new hospital will be a destination for innovative cardiovascular treatment, research, prevention and education. Rex is already helping patients from across Eastern North Carolina who need specialized heart and vascular care. This expansion is part of a larger effort to improve cardiovascular care across the UNC Health Care system. The new hospital also will consolidate existing services at Rex into one convenient, cutting-edge facility, improving access and care for patients and their families.
Some of the total cost of the new hospital will be paid for through philanthropy.