Barnabas Health of New Jersey gets noteholder consent to release lien

By Angela McDaniels

Tacoma, Wash., March 24 – Barnabas Health, Inc. concluded a successful consent solicitation for several series of municipal bonds, according to an announcement.

One member of the obligated group, Saint Barnabas Medical Center, is expanding its campus in Livingston, N.J. As part of the project, the medical center will exchange parcels of real estate with the adjoining landowner and developer, Burris.

The parcel to be transferred to Burris is under the lien of the master trustee’s mortgage, and noteholder consent is needed in order to release the mortgage lien on the parcel.

Consents were received from the holders of a majority of the notes by the return deadline, March 20.

The transfer is expected to close on or around May 1.

The solicitation applied to the following bonds:

• Barnabas Health System’s $81.24 million of series 2012 taxable revenue bonds;

• New Jersey Health Care Facilities Financing Authority’s $129,925,000 of series 2014A refunding bonds issued for the Barnabas Health Obligated Group;

• The authority’s $106,685,000 of series 2012A Barnabas Health revenue and refunding bonds;

• The authority’s $37.01 million of series 2011B and $42.99 million of series 2011C Barnabas Health revenue and refunding bonds;

• The authority’s $370 million of series 2011A Barnabas revenue and refunding bonds;

• The authority’s $72.12 million of series 2006A revenue bonds and $124,999,654 of series 2006B revenue bonds issued for the Saint Barnabas Health Care System;

• The authority’s $43,457,857 of Saint Barnabas Health Care series 1998B capital appreciation revenue and refunding bonds;

• The authority’s $415,035,000 of Saint Barnabas Health Care System series 1998B current interest revenue and refunding bonds; and

• The New Jersey Economic Development Authority’s $50,001,023 series 1997A revenue bonds issued for the Saint Barnabas project.

The tabulation agent was Sills Cummis & Gross PC (973 643-5091 or rslotkin@sillscummis.com). The solicitation agent was J.P. Morgan Securities LLC (fax 917 464-4178; confirm by telephone 212 834-3261).

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