Tuesday, June 10, 2008
Scenes from a bond closing
CareGroup, which is the holding company comprising BIDMC (and BID~Needham), Mt. Auburn Hospital, and New England Baptist Hospital recently sold several hundred million in bonds to finance various purposes for its member hospitals. I may have more comments about that bond issue in a future post, but for now I wanted to provide some pictures from the closing for those of you who have never seen one.
Like a mortgage closing for a house purchase, a bond closing basically consists of signing papers in which the borrower makes promises and attestations and disclosures. Only this involves many more documents and many more lawyers! The pictures above show the "accordion file" of those documents; Jeff Liebman, CEO of BID~Needham signing some, accompanied by an assisting attorney and a witnessing Notary Public; the old-style, venerable corporate seal of New England Baptist Hospital (founded 1893) next to the new-style corporate seal of BIDMC (founded 1996); and finally, the actual bonds themselves.
Posted by Paul Levy at 6/10/2008 05:00:00 AM