Hartford HealthCare to use $150M in new debt financing for systemwide facility upgrades

Hartford HealthCare will use up to $150 million in new debt financing to fund significant upgrades at its various hospitals and a new proton therapy center it’s developing in Wallingford in partnership with Yale New Haven Health. The debt is being issued through the Connecticut Health and Educational Facilities Authority (CHEFA), a quasi-public state agency that issues tax-exempt bonds and debt on behalf of nonprofit institutions. Since nearly all Connecticut hospitals are nonprofit organizations, they have access to tax-exempt debt issuances, which makes borrowing cheaper and more affordable. Yale New Haven Health, Hartford HealthCare and Proton International announced in April 2022 that they secured final approval to build and open the $75 million Connecticut Proton Therapy Center, which will provide an advanced form of cancer radiation treatment. Their new goal is to break ground on the project in the coming months and have it completed in 2026.


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