Vanderbilt University Medical Center to Receive $360 Million of Muni Bond Proceeds

By Stephen Nakrosis

The Vanderbilt University Medical Center is expected to receive about $360 million from a municipal bond sale to help pay the construction, remodeling and equipping of facilities.

The Series 2024 A revenue bonds will be sold on the medical center's behalf by the Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, Tenn., according to documents posted on MuniOS.

Pricing is scheduled for Oct. 16 and closing on Oct. 29. Preliminary pricing, yields along with dates of maturity weren't provided.

Proceeds from the sale will be loaned to the medical center, which will then payoff the debt, along with the costs of issuance.

Based in Nashville, the medical center sees over 3.2 million patient visits annually at its 180 ambulatory locations. Its facilities include a children's hospital, psychiatric and rehabilitation hospitals, and three regional community hospitals.

S&P Global Ratings has given the bonds an A rating.

RBC Capital Markets is listed as the offering's lead manager.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

October 04, 2024 18:46 ET (22:46 GMT)

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