Catholic Health announced Tuesday it has secured orders from several investors for $58.5 million in bonds to fund construction of its Lockport Memorial Hospital. In addition to the new hospital, which will become a campus of Mount St. Mary’s Hospital in Niagara County, the bond financing will support cardiac catheterization room renovations at Mercy Hospital of Buffalo, and other small infrastructure projects across the system.
A press release noted, “Last Wednesday, Bank of America initiated the bond offering on behalf of Catholic Health. Executed amid the current tumultuous financial environment, the offering was closed after 30 minutes with more than $227 million in orders placed. The bond documents will be finalized over the next week, selecting the final investors to make up the $58.5 million in financing.”
Catholic Health President and CEO Mark A. Sullivan said, “We are very pleased that investors support our strategy and vision for a hospital of the future in Lockport and have enabled our system to deliver on its commitment to provide sustainable, high-quality health care in Niagara County. This also signals, to those who may have doubted this project would happen, that a new way of delivering health care locally, with region-leading quality in a facility of the future, is coming to Lockport.”
Catholic Health broke ground on Lockport Memorial Hospital in late November. Construction continues at the site located off S. Transit Road between Shimer and Ruhlmann roads in the Town of Lockport, with completion of the hospital set for mid-year 2023.