SickKids debenture offering nets $100M
The Hospital for Sick Children announced last week that it has closed a $100-million offering of a series of debentures.
The hospital aims to use the proceeds to finance a portion of new infrastructure costs.
Dubbed Project Horizon, SickKids’ major campus redevelopment project aims to transform virtually all clinical care and support areas of the hospital. The first phase of the project has just been completed with the opening of the new Patient Support Centre on Elizabeth Street in Toronto.
By housing approximately 3,000 staff from existing spaces, the new building enables SickKids to proceed with the many renovations and relocations needed to clear space on the campus to build the new hospital (comprised of the Peter Gilgan Family Patient Care Tower and an outpatient tower) on University Avenue.
The campus redevelopment is expected to be financed through a combination of philanthropic capital fundraising, government support and the proceeds of debentures and other sources.
“Our vision for precision child health is critically dependent on the renewal of our dated facilities. We need more technologically advanced and purpose-built spaces to support our talented clinicians and staff in the delivery of world-class care – and to ensure our patients and families have a seamless experience,” says Dr. Ronald Cohn, President and CEO, SickKids. “These key investments are helping us to ensure we remain one of the world’s best paediatric research hospitals, and that we can realize our mission to individualize child and youth care in a hospital of the future.”
The 4.487% 40-year debentures will mature on December 8, 2063.