- University of Pittsburgh Medical Centre (UPMC) is planning a $900 million capital budget for 2018, which includes a $750 million tax-exempt bond issue.
- The projects include a 90-bed hospital in South Fayette, Pennsylvania, which will get $35 million from the bond issue. The health system budgeted $400 million of the bond for construction.
- Other bond money will be used to pay off debts, including refunding $45 million in bonds held by Hanover Hospital and covering a $235 million bridge loan to PinnacleHealth System.
The capital budget will help UPMC plans to expand its footprint in the Keystone State. The health system recently came to a definitive agreement with PinnacleHealth, a Harrisburg-based system.
The PinnacleHealth deal, which is UPMC’s largest ever and the first to involve an entire health system, will expand UPMC’s market share in central Pennsylvania. The deal will include four central Pennsylvania hospitals, including Lancaster Regional Medical Center and Heart of Lancaster Regional Medical Center, that PinnacleHealth bought from Community Health Systems in July…