The Hospital for Sick Children (SickKids) announced that it has closed a $100 million offering of Series C Senior Unsecured Debentures, the net proceeds of the offering will be used to finance a portion of the costs of a multi-year project (Project Horizon) to transform SickKids’ infrastructure landscape – starting with the completion of the new Patient Support Centre (PSC) this year – and for SickKids’ general purposes.
The 4.487% 40-year debentures will mature on December 8, 2063.
SickKids’ major campus redevelopment project, Project Horizon, aims to transform virtually all clinical care and support areas of the hospital. The first phase of the project has just been completed with the opening of the new PSC on Elizabeth St. By housing approximately 3,000 staff from existing spaces, this new education, training and administrative building enables SickKids to proceed with the many renovations and relocations needed to clear space on the campus to build the new hospital (comprised of the Peter Gilgan Family Patient Care Tower and an outpatient tower) on University Ave.
The campus redevelopment is expected to be financed through a combination of philanthropic capital fundraising, government support and the proceeds of Series C Senior Unsecured Debentures and other sources.
“Our vision for precision child health is critically dependent on the renewal of our dated facilities. We need more technologically advanced and purpose-built spaces to support our talented clinicians and staff in the delivery of world-class care – and to ensure our patients and families have a seamless experience,” said Dr. Ronald Cohn, president and CEO, SickKids. “These key investments are helping us to ensure we remain one of the world’s best pediatric research hospitals, and that we can realize our mission to individualize child and youth care in a hospital of the future.”
CIBC Capital Markets acted as Financial Advisor and Sole Bookrunner on the offering. The offering was co-led by CIBC Capital Markets and RBC Capital Markets.
Featured image: (The Hospital for Sick Children)