The University of Pittsburgh Medical Center is seeking $750 million to pay off debt and fund building projects and upgrades across much of Pennsylvania. That includes Cumberland, Dauphin, York and Lancaster counties, where the Pittsburgh-based health care giant is been putting down roots.
The funding would come from bonds issued by the Pennsylvania Economic Development Financing Authority.
According to an application to the authority, UPMC plans to use about $400 million to fund new construction and renovations at dozens of locations across the state, from western Pennsylvania into the Harrisburg, Lancaster and York area.
It would use $350 million to pay off previous borrowing, including $235 million loaned to Harrisburg-based PinnacleHealth System which allowed PinnacleHealth to recently buy four hospitals.
A legal notice for the proposed bonds lists nearly 60 projects in about 20 counties, including some at sites owned by PinnacleHealth in Cumberland, Dauphin, York, Lebanon and Lancaster counties. UPMC and PinnacleHealth are in the process of merging, with the merger expected to become final this fall.
UPMC spokesman Paul Wood said Monday he couldn't disclose further details of the building projects.
A public hearing on the proposed bond issue will be held at 10 a.m. Thursday at the authority's offices on the fourth floor of the Commonwealth Keystone Building at 400 North Street, Harrisburg.
The authority helps Pennsylvania businesses obtain low interest financing through tax exempt bonds. Buyers of the bonds don't have to pay federal income tax on the interest, which allows lower interest rates for the borrower.