Newark Star-Ledger, March 3, 2008
It will cost Hackensack (NJ) Medical Center more than $16 million to escape the collapsing auction-rate securities market, a tab that offers a preview of the expenses scores of other hospitals snagged in the market turmoil can expect to face. Hackensack won approval for a plan to refinance $147 million in auction-rate bonds that have seen interest rates double this month. Records show the refinancing will cost Hackensack about $7.1 million in professional fees and another $9 million for fees to unwind a related interest-rate hedging deal.
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