CHOP issues bond sale to fund ambulatory care centre development

18 October 2011 (Last Updated October 18th, 2011 18:30)

The Children's Hospital of Philadelphia (CHOP), US, has announced the sale of $270m fixed-rate bonds to raise money for future growth of the CHOP Care Network.

The Children's Hospital of Philadelphia (CHOP), US, has announced the sale of $270m fixed-rate bonds to raise money for future growth of the CHOP Care Network.

The bond sale will provide $100m for the development of a five-storey ambulatory care centre.

The 52,000ft² facility will provide outpatient care, particularly for children with multiple chronic conditions.

In addition to $100m for construction of the ambulatory care center, CHOP will use $170m to repay existing debt.

In 2010, Children's Hospital opened the 12-storey environmentally friendly 700,000ft² Colket translational research building which consists of four new laboratory floors, administration and conference space and a two-storey ground floor housing a lobby and cafeteria.