University of Pittsburgh Medical Center has issued $1.6 billion in bonds and earmarked the proceeds for capital projects across the health system, including the patient tower being built at UPMC Presbyterian-Oakland in Pittsburgh, its flagship academic medical center, per Becker’s.
The bond issue is the largest amount ever issued by the health system. The issuances include $1.371 billion in bonds that include $800 million taxable and $571 million tax-exempt. The bonds also included $350 million that refunds other debt.
UPMC also closed on a $250 million bond that is directly placed with a bank.
In 2022, the health system issued a little more than $900 million in bonds.
