For Release: Immediate, June 27, 2001

Board Approves Hospital Obligated Group Financing

The Board of the Dormitory Authority met today and approved a bond issue for Winthrop South Nassau University Health System, Inc.

The System consists of Winthrop University Hospital Association of Mineola and South Nassau Communities Hospital in Oceanside.

The Board approved a bond issue of up to $115 million in tax-exempt 30-year, fixed rate bonds. J.P. Morgan Chase & Co. is the lead underwriter for this negotiated sale. Bond processed will be used for:

• Renovations, acquisitions, capital improvements, and equipment, worth about $86.3 million;

• Refinancing Winthrop Hospital's $8.6 million in Nassau County Industrial Development Authority debt; and

• Refunding South Nassau Hospital's $9.8 million in 1992 Medical Care Facilities Finance Agency bonds.

Founded as Nassau Hospital in 1896, Winthrop Hospital is Long Island's oldest non-profit hospital. This teaching hospital is affiliated with the State University's Stony Brook School of Medicine. Winthrop provided inpatient care to about 32,000 people and outpatient services to more than 260,000 people during 2000.

South Nassau Communities Hospital, founded in 1927, is also affiliated with Stony Brook School of Medicine. During 2000, the hospital provided 147,000 people with inpatient care, and 183,000 people with outpatient care.

For more information, contact Press Officer Claudia Hutton at (518) 257-3382, or CHutton@dasny.org.

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