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Southcoast Hospitals Group Purchases Medical Equipment Through $20 Million MassDevelopment Lease

November 2, 2011

Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Stephanie Poyant, Southcoast Health System, 508-961-5280 & 774-634-1460 (cell); 508-387-2532 (pager)

MassDevelopment has issued a $20 million tax-exempt lease on behalf of Southcoast Hospitals Group, which includes three nonprofit community hospitals – Charlton Memorial Hospital in Fall River, St. Luke’s Hospital in New Bedford and Tobey Hospital in Wareham. Southcoast will use lease proceeds to purchase medical equipment, including CT scanners, an MRI machine, ultrasound equipment, patient beds, and surgical and exam lights. Bank of America Public Capital Corp. purchased the lease.

“Given the importance of the healthcare sector to our economy, MassDevelopment takes pride in this innovative financing option that provides cutting-edge technology to the Commonwealth's hospitals,” said MassDevelopment President and CEO Marty Jones. “Southcoast Hospitals Group, with multiple locations and advanced clinical services, is the right type of business to benefit from this low-cost financing.”

Southcoast Health System is a community-based health delivery system with multiple access points, offering an integrated continuum of health services throughout Southeastern Massachusetts and East Bay, Rhode Island. Southcoast provides advanced clinical services, such as open heart surgery, angioplasty and heart rhythm services, comprehensive cancer care, neurosurgery, weight loss surgery, orthopedic surgery, advanced imaging services and is the only provider of maternity services in the region.

“The low-cost financing available through MassDevelopment provides Southcoast with an alternative source to continue to provide the most current technological advances in medical equipment to our patients,” said William E. Grigg, Executive Vice President & Chief Financial Officer at Southcoast Health System.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed 277 projects generating investment of nearly $3.7 billion in the Massachusetts economy. These projects are projected to create 10,291 jobs (2,507 permanent and 7,784 construction) and 1,350 housing units (336 new and 1,014 rehab).