— DANVILLE – Montour County’s commissioners today approved an addition to a tax-exempt bond issue of up to $800 million for Geisinger Health System.
The addition is for a merger with Lewistown Hospital in Mifflin County.
Hospital officials will seek approval from the Mifflin County commissioners for the addition to the bond issue, Geisinger finance official Tim Fitzgerald told the Montour County commissioners Tuesday.
Also representing Geisinger were Alan Neuner of facilities, Donna Rae from legal and Michael Ferlazzo of the public relations departments.
Montour County’s commissioners previously approved the bond issue which includes up to $230 million new bond financing plus potential debt refinancing.
Besides the $230 million Geisinger expects to use to fund new health care facilities and equipment, up to $570 million of bonds may be used to replace existing debt if interest rates are favorable for a total bond issue of up to $800 million.
A total issuance of bonds of more than $300 million is unlikely, hospital officials previously said.
Fitzgerald pointed out Geisigner provides a community benefit each year in excess of $330 million to Pennsylvania.
Proceeds from the bond issue will be used to benefit patients served by Geisigner through the acquisition, renovation and construction of buildings and equipment in Centre, Columbia, Lackawanna, Luzerne, Montour, Northumberland, Schuylkill and Union counties.