Who won this year's Deal of the Year award for Healthcare Financing? The winner will be honored on Thursday, December 3 at the Waldorf-Astoria in Manhattan, and later that night will compete with winners in the seven other categories for the right to be named The Bond Buyer's 2015 Deal of the Year.

VOICE OVER: Until 2015, New York Presbyterian Hospital ranked the number one hospital in New York for 14 straight years by US News and World Report, financed most of its capital needs through the Federal Housing Administration. An academic medical center with seven campuses and affiliations by two Ivy League medical schools, NYPH has about $1 billion of FHA insured debt outstanding, as well as $4.5 billion in revenue and $4.8 billion in cash and investments.

In response to changes in health care, NYPH has begun investing in population health strategies, strengthening its relationships with key sponsor hospitals and enhancing its information technology platform. But some of these strategies are inconsistent with FHA Hospital Program requirements. With the help of Goldman Sachs, NYPH evaluated its capital needs and decided to do its first ever transaction in the public finance market with $750 million of taxable bonds.

This was the first time a hospital with FHA insured debt had issued unsecured rated debt in the public markets. The bond issue was 2.3 times oversubscribed, receiving nearly $2 billion in orders from about 60 investors and achieved a better than expected yield of 4.023%.