DASNY Closes on $500 Million Bond Issuance for White Plains Hospital Obligated Group to Increase Inpatient Capacity and Expand Emergency Department, Among Other Improvements

DASNY Closes on $500 Million Bond Issuance for White Plains Hospital Obligated Group to Increase Inpatient Capacity and Expand Emergency Department, Among Other Improvements

The Dormitory Authority of the State of New York (DASNY) today closed on a $500 million bond issuance for White Plains Hospital. The bonds will support the development of a 10-story addition to the Hospital's existing inpatient facility, including an expansion of the emergency department, and the addition of new operating rooms and private inpatient beds, among other improvements.

DASNY President Robert J. Rodriguez said, "White Plains Hospital is a critically important regional healthcare provider, and DASNY is proud to partner with hospital leadership to provide access to capital financing for projects to cost-effectively enhance the healthcare offerings they provide. This financing will supplement the high quality of care currently provided to patients at White Plains Hospital, and we look forward to seeing the buildings that are receiving bond proceeds when construction is completed."

"DASNY is a knowledgeable and dependable partner that has been essential to us as we move forward with our plans to build a significant hospital expansion," said Joseph J. Guarracino, Executive Vice President, Chief Administrative Officer and Chief Financial Officer at White Plains Hospital. "This expansion will allow us to continue to provide the highest-quality care for our community for generations to come."

The lead managers of the transaction were Bank of America Securities and Morgan Stanley, and the transaction was supported by bond counsels Hawkins Delafield & Wood LLP and Brown Hutchinson LLP, as well as Financial Advisor Kaufman Hall.

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