The Hoboken Municipal Hospital Authority will refinance up to $12 million of tax-exempt debt into taxable bonds within the next two weeks to help cover operating expenses at the Hoboken University Medical Center in New Jersey.
The refinancing transaction will extend maturities on more than $5 million of taxable debt by three years and switch another $5 million to $7 million of tax-exempt bonds back into a taxable structure. In January 2007, the authority, which oversees the medical center, sold $51.5 million of taxable revenue bonds, including Series A for $11.1 million and Series B for $40.4 million. Officials converted the Series B bonds into tax-exempt debt earlier this year. The $51.6 million sale won The Bond Buyer's 2007 Northeast Small Issuer award in December.