Public Finance Authority

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PFA Closes $81MM Financing to Acquire / Construct Delray Beach Radiation Therapy Cancer Center in Florida

The Public Finance Authority (PFA) issued $81,315,000 of governmental purpose bonds for the acquisition and construction of the Delray Beach Radiation Therapy Cancer Center (the “Project”) located in Delray Beach, Florida, and expected to open in mid-2018. The bond proceeds will be used by the PFA to construct a cancer treatment facility, including proton and photon capabilities, to expand upon the existing cancer treatment services offered by Delray Medical Center to residents of South Florida. The Project is expected to create over 330 jobs for the Delray Beach area.

The PFA's ownership includes a lease agreement for the land upon which the Project will be built, a development agreement governing the terms of the build-out, and a management agreement that governs the Project's operations with Proton International, LLC. Proton International has extensive experience in radiation therapy development and management.

The structure will offer Delray Medical Center, a Tenet health facility, the increased efficiency of a smaller, two room facility, which, through the issuance of PFA's tax-exempt governmental purpose bonds, brings the Project to the consumer at a more affordable cost. The Project was approved by the City of Delray Beach and will be the first proton therapy center in the Tenet Healthcare system.

PFA partnered with Loop Capital Markets as Placement Agent, Orrick, Herrington & Sutcliffe as Bond Counsel, and von Briesen & Roper as Project Counsel to structure the transaction. PFA is excited about its role in bringing enhanced access to advanced medical treatment to South Florida and to also contribute to economic development in the City of Delray Beach and surrounding communities.