New York, August 14, 2020 – Proskauer, a leading international law firm, announced it represented long-standing client, Hospital for Special Surgery, in connection with the issuance of $350 million of 30 year taxable bonds.
The net proceeds of the offering will be used by Hospital for Special Surgery to fund the cost of capital projects and increase cash reserves and/or refinance existing credit facilities.
The issuance, which priced on August 5, 2020, was led by Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC as bookrunners. As a result of being met with significant investor demand during marketing, the Hospital for Special Surgery was able to tighten the credit spreads resulting in a final yield of 2.667% which, based on the records of the bookrunners, was the lowest 30 year taxable yield ever achieved by an A- category non-profit healthcare issuer.
The Proskauer team was led by partner Ed Kornreich with assistance from associate Peter Eggers (Healthcare), partner Charles Dropkin with assistance from associates Will Majeski and Steven Leiser-Mitchell (Corporate) and partner Stuart Rosow with assistance from associate Bowon Koh (Tax). The team also had support from partner Joshua Miller (ERISA) and partner Vincent Indelicato (Bankruptcy).
Proskauer has a sophisticated health care practice with lawyers across different service offerings bringing unrivalled experience and a keen understanding of the industry's dynamics. Our team combines specialized health law and industry experience with specific practice concentrations that allow us to provide the full range of services for clients across the industry. We advise service providers and health plans, operators, investors and lenders, among others, in matters ranging from complex transactions and regulatory compliance to commercial litigation and defense of government investigations.
Our Global Capital Markets Group includes more than 60 lawyers across the U.S., Europe and Latin America. We represent bulge bracket, middle-market and boutique investment banks, as well as public and private companies of all sizes and industries around the world, in a wide variety of public, Rule 144A and Regulation S, and private debt and equity transactions. Our clients turn to us for our ability to lead the market in terms of innovation and financial structuring, the depth of our global team and our creative thought leadership.