The South Carolina Jobs-Economic Development Authority is readying a $19 million deal for the Kershaw County Medical Center.
Wachovia Securities NA is the underwriter and the McNair Law Firm is bond counsel. The bonds are scheduled to price on Tuesday.
The deal will include both term and serial bonds, which have been rated BBB by Standard & Poor’s and BBB-plus by Fitch Ratings.
The medical center is facing several lawsuits but officials say they don’t believe that will have a material adverse effect on its financial condition, operations, and revenue.
Proceeds from the deal will be used to acquire, construct, and equip a 43,000-square-foot medical office building. They will also be used to buy land that will be used for further hospital expansion projects. Officials also plan to use the proceeds to improve an outpatient medical complex.
About $3.3 million already has been spent on the projects and the medical center will reimburse itself with the bond proceeds. The projects are expected to be completed by September.