Debt Financings

TapestryHealth is a nationwide multi-specialty healthcare company that utilizes advanced radar technology and AI enabling clinicians to deliver both in-person and remote care.

The new $380 million hospital project, which is expected to see its first patients in early 2025, is a seven-story facility featuring 226 beds and a neonatal intensive care unit.

Known as the Patient Care Tower, the five-story building will have 128 ICU patient beds and facilities for trauma care, neurosciences, cardiology, and general surgery.

Toledo, Ohio-based ProMedica, which called off plans to build a new Michigan hospital after it reported a $39.8 million second-quarter operating loss, is now seeking further extensions to existing covenant suspensions.

It’s the second major credit expansion for the fast-growing firm in the last 12 months. In December, it received an additional $125 million from existing lenders.

If approved, the 167-bed district hospital will use the interest-free loan to “strengthen operations, enhance staff development, and ensure the continuation of key healthcare services for the local community.”

Mercy Health is evaluating its alternatives regarding its existing debt profile, including the potential issuance of new tax-exempt and/or taxable debt to finance or reimburse anticipated or incurred eligible costs in the estimated amount of up to $375 million.

The financing is expected to support the working capital needs of the company until the closing of its California Medicare Advantage business to Molina Healthcare.

If passed by voters, the bond would help bring to hospital into public ownership, while also funding a renovation of the emergency department and the second floor of the hospital.

Blackstone-owned TeamHealth has received a pair of competing offers from two of its biggest creditors that are giving the struggling physician-staffing company starkly different options to repay over $1 billion in debt due next year.