Lifespan Borrowing $300M - Major New Facilities at Miriam and RI Hospital
GoLocalProv Business Team
Lifespan Borrowing $300M - Major New Facilities at Miriam and RI Hospital
The Miriam Hospital. PHOTO: FileLifespan, Rhode Island’s largest hospital group, is seeking to borrow $300 million, according to preliminary official bond documents secured by GoLocal.
The hospital group is leveraging the Rhode Island Health and Education Building Corporation as the conduit for the borrowing.
According to the documents, the total cost of the borrowing will cost the hospital group nearly half a billion dollars over the term of the bonds.
According to the plan of financing, “The projects include the demolition, construction, renovations and fit out of facilities located at the Miriam Hospital’s campus located at 164 Summit Avenue, 1125 North Main St. 8-10 and 14 Third Street and 61,65 and 69 Fifth Street.”
The Miriam is located in the summit neighborhood on Providence's East Side.
In addition, the documents show that Lifespan plans new construction on the Rhode Island Hospital campus as well. Rhode Island Hospital is the state's only Level 1 Trauma Center.
The details of the specific construction are not included in the preliminary bond documents.
Preliminary bond financing document.
The borrowing is going on at the same time that Lifespan is seeking tens of millions of dollars in state subsidies. Governor Dan McKee has proposed $90 million in subsidies to Rhode Island’s hospitals in the FY25 budget, which is now before the Rhode Island General Assembly.
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