Lowell General Hospital Upgrades Saints Campus with MassDevelopment Bond

May 16, 2013

Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
kabbruzzese@massdevelopment.com
Angela Strunk, Lowell General Hospital, 978-937-6425
angela.strunk@lowellgeneral.org

MassDevelopment has issued $61,005,000 in tax-exempt bonds on behalf of Lowell General Hospital, a nonprofit community hospital that provides a full range of clinical services in the Greater Lowell area, which includes Lowell, Chelmsford, Dracut, Dunstable, Tyngsboro, Billerica, Tewksbury, Westford and Pelham. Lowell General Hospital will use bond proceeds to upgrade the power plant at its Saints campus; improve and renovate buildings at various administrative and patient care facilities; and buy new equipment. Bond proceeds will also refund previous debt.

“The Commonwealth's hospitals are engines for innovation and job creation,” said MassDevelopment President and CEO Marty Jones. “We're pleased to leverage this financing so Lowell General Hospital can improve its facilities, putting even more patients first in care in the Merrimack Valley.”

Lowell General Hospital operates 434 licensed beds and has two locations in Lowell, the Lowell General Hospital Main Campus at 295 Varnum Avenue and the Lowell General Hospital Saints Campus at One Hospital Drive. Lowell General Hospital also has satellite locations throughout its primary and secondary service area, including: the Lowell General Hospital Chelmsford Campus, Lowell General Hospital Dialysis Centers in Lowell and Methuen, Lowell General Hospital Walk-in Center in Lowell, Lowell General Hospital Women's Imaging Center, Lowell General North Andover, Lowell General Tewksbury and Lowell General Tyngsboro. Other services include pediatric specialty clinics in partnership with the Floating Hospital for Children at Tufts Medical Center, pain management, 24-hour emergency and trauma services, surgical care, critical care, and general medical units. Lowell General Hospital's centers for excellence include the Regional Center for Maternal and Pediatric Care, the Cancer Center, and the Heart and Vascular Center.

“Reinvesting in our facilities is vital to our ability to provide Complete connected care to the patients and families we serve,” said Normand Deschene, President and Chief Executive Officer of Lowell General Hospital. “We look forward to continuing to strengthen our facilities so we are able to best serve the growing needs of our community.”

MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.