South Shore Hospital $117 Million Financing, $20 Million Bank Financing, and $44 Million Bank Financing for South Shore Property, Inc.
May 31, 2016
Cain Brothers served as the Sole Managing Underwriter for South Shore Hospital’s $117 million Series I (2016) Bonds and as Investment Banking Advisor for its $20 million Series H (2016) bank direct placement. South Shore Hospital, a member of South Shore Health System, is a not-for-profit hospital in South Weymouth, MA serving approximately 620,000 residents in southeastern Massachusetts. The Hospital operates 370 licensed beds and has over 1,000 members on its medical staff. In addition to the Series H and Series I financings, Cain Brothers also renegotiated an extension of South Shore Property’s (a member of South Shore Health System) $44 million bank direct placement.
Proceeds from the Series H (2016) and Series I (2016) Bonds will be used to fund an Epic installation and the construction of a Critical Care Unit on campus. In addition, a portion of the proceeds will be used to refund South Shore’s outstanding Series 1999F and Series 2011 Bonds.
Cain Brothers’ underwriting desk advised on the pricing levels of the Series I (2016) fixed rate bond issue, participating in pre-pricing calls, presenting comparable recent bond issues and detailing general market conditions that enabled South Shore to take advantage of the historically low interest rate environment and achieve a favorable all-in borrowing cost of approximately 3.59%.