Board approves consent for up to $365 million Ascension revenue bonds; up to $125 million for Davidson County projects
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
The Health and Education Facilities Board unanimously consented to a multi‑county Ascension Health Alliance revenue bond issuance not to exceed $365,000,000, with about $125,000,000 expected to be spent on recapitalization projects in Davidson County, including upgrades at Ascension St. Thomas West and Midtown.
The Health and Education Facilities Board on Monday consented to a multi‑county revenue bond issuance for Ascension Health Alliance that could total as much as $365,000,000, with roughly $125,000,000 earmarked for projects in Davidson County. The board’s consent is required because Rutherford County is the issuer on the multi‑county financing.
Sumner Bolden, who identified himself as a representative of the Rutherford County issuer, said the structure is a common way for Ascension to raise capital in Tennessee and confirmed the Davidson County portion will be part of the overall multi‑county issue. "The $365,000,000 issue is a multi county issue... about 125,000,000 will be expended here," Bolden said.
Brandon Williams, identified as a service chief for Saint Thomas, described the Davidson County investments as a recapitalization of both Ascension St. Thomas West and Ascension St. Thomas Midtown. "The totality of the Davidson County investments will be invested, really, as a recapitalization project for both Ascension St. Thomas West and Ascension St. Thomas Midtown," Williams said, adding the work includes facility refreshes, imaging equipment reinvestment, fleet replacement and expansion of some operating‑room capacity for cardiac and surgical‑oncology services.
Chairperson (Speaker 1) moved for the board’s consent and the board voted in favor. The board’s action was recorded as a consent under the applicable statute governing out‑of‑county issuances; no members of the public spoke during the hearing on this item.
The board did not adopt project‑level contracts or specific procurement approvals at the meeting; it granted the consent acknowledgment needed for the Rutherford County issuer to proceed with the multi‑county financing.