February 21, 2019
Oroville Hospital has received $200 million in bond financing for its five-story tower expansion project. The facility, which is located roughly 65 miles north of Sacramento, serves a county with a population of roughly 220,400.
The bonds sold out in less than 30 minutes. Orders continued to come in, eventually reaching $1 billion, which is more than 5x oversubscribed, according to CEO Robert Wentz. Buyers included 48 large institutional investors from all over the United States, such as Goldman Sachs, Franklin Funds, and Barclays Bank.
The 165,000-square-foot expansion project will double the hospital’s footprint. It will be located on the main campus, and a walkway will connect it and the current hospital. The new building is scheduled for completion in April 2022.
“We have incredible employees that have done extraordinary work over a long period of time to put the hospital in a position where these people would think that we are a good investment,” Wentz said.
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