The Hospital is a 308 licensed bed (including bassinets) short-term, not-for-profit acute care community teaching hospital located in New London, Connecticut. The Hospital’s primary service area is comprised of the City of New London and nine surrounding towns in New London County. Approximately 87% of the Hospital’s discharges originate from the primary service area, while approximately 5% originate from the secondary service area. The total service area has a population of approximately 180,000 people, expanding to 250,000 in the summer. The Hospital’s market share for its primary service area has remained constant at approximately 66%.

Project:  Bond proceeds funded expansion of the Pequot Health Center located in Groton. The Center is an ambulatory services and emergency room that is operational seven days a week, sixteen hours a day. The Hospital will add a 37,000 square foot building, which will connect to the existing 28,000 square foot facility. The new facility will house the following an ambulatory surgery program and support services, including central sterilization and processing; a fixed site MRI Suite; and facilities to accommodate mobile medical technologies.

Structure:  $22,990,000 Issue Series E was structured as a variable rate transaction. Radian Asset Assurance provided bond insurance for the issue. Fleet National Bank provided a letter of credit.

Closing Date:  June 24, 2004.

Results:  The initial interest rate for the bonds was 1.12%.

Financing Team:  Carmody & Torrance LLP; Fleet National Bank; Public Financial Management; Pullman & Comley LLC; Radian Asset Assurance, Inc.; Robinson & Cole LLP; UBS Financial Services; U.S. Bank N.A.; Wiggin & Dana LLP.