The Hospital is licensed for 160 beds and 20 bassinets as a short-term, not-for-profit, acute care, community hospital located in Derby, Connecticut. The Hospital maintains 141 staffed beds. It serves the Lower Naugatuck Valley and surrounding towns, with the primary service area comprised of the towns of Derby, where the Hospital is located, Ansonia, Seymour, Shelton, Beacon Falls, and Oxford, with a combined population of just under 100,000. The primary service area accounts for approximately 80% of Griffin Hospital’s discharges.

Project:  Series B refinanced approximatley $25 million outstanding of the unenhanced Griffin Hospital Issue Series A bonds issued in 1993. The Series A Bonds financed the construction of the North Wing, including three new medical/surgical units, a new ICU/CCU, expansion of the Childbirth Center and emergency room, and renovated some older space. These facilities now house the majority of the inpatient staffed beds, except the psychiatric unit, and provide the majority of care in Griffin Hospital.

Structure:  $24,800,000 Issue, Series B was sold as a fixed rate transaction supported by Radian Asset Assurance credit insurance.

Closing Date:  February 1, 2005.

Results:  The refinancing achieved a net present value savings of $1.6 million, or 6.3% of the refunded principal. The Hospital intends to take the refunding savings in approximately equal annual amounts over the life of the issue. The true interest cost on the issue was 4.357%.

Financing Team:  Day, Berry & Howard LLP; DelNegro, Feldman, Volpe, LLC; Public Financial Management; Radian Asset Assurance Inc.; Shipman & Goodwin LLP; Tobin, Carberry, O'Malley, Riley & Selinger, P.C.; U.S. Bank, N.A.: Wachovia Securities.