NORTH ADAMS, Mass., July 22 /PRNewswire/ -- Northern Berkshire Health Systems (“NBHS”) currently intends to implement a Series 2004 Bond issue in the approximate amount of $27,000,000 through the Massachusetts Health and Educational Facilities Authority (“MassHEFA”). Proceeds of the Series 2004 Bonds would be utilized to finance certain capital expenditures at NBHS, to refinance certain of NBHS’ outstanding MassHEFA Revenue Bonds, North Adams Regional Hospital Issue, Series C, dated June 1, 1996 (the “Series 1996 Bonds”) and to fund capitalized interest and a debt service reserve fund deposit for the Series 2004 Bonds. The refinancing of a portion of the Series 1996 Bonds is expected to be accomplished by means of a tender offer. In connection with the issuance of the Series 2004 Bonds, an obligated group will be created that will include North Adams Regional Hospital (“NARH”), Northern Berkshire Community Services (“NBCS”) and their parent company, Northern Berkshire Health Systems, Inc., as well as certain other affiliates. The repayment of the Series 2004 Bond issue, as well as of Series 1996 Bonds that are not refinanced and outstanding bonds issued for the benefit of NBCS, would be an obligation of such obligated group. No assurance can be given that such financing, tender offer or obligated group formation will, in fact, occur.
NARH and NBCS are the main revenue generating components of NBHS. NARH is a 108 licensed bed, community acute-care hospital located in the City of North Adams in northwestern Massachusetts. NBCS consists of two elder care operating groups: Sweet Brook Care Centers, a 184-bed skilled nursing facility, and Sweetwood Continuing Care Retirement Community, a 70-unit continuing care residential community. Sweet Brook and Sweetwood are located on adjacent campuses in Williamstown, Massachusetts approximately seven miles from the NARH campus.
Northern Berkshire Health Systems
CONTACT: Alec Silitch of Northern Berkshire Health Systems,+1-413-664-5524
