The Bermuda Hospitals Board (BHB) this week announced savings of half a million dollars through refinancing of bonds issued in 1998. The savings will help the board make upgrade the two facilities. In a Press release, the BHB said the proceeds of the bonds will provide long-term financing for the construction, remaining equipment and other costs related to the main facility and other small capital projects.

?The funds that we have saved in this bond refinancing will allow us to invest more money back into the King Edward VII Memorial and St. Brendan?s Hospitals,? said BHB chairman Jonathan Brewin.

?Fiscal responsibility is absolutely paramount as we look towards enhancing our services and infrastructure. We look forward to making further announcements about our achievements in this area.?

In 2003, the BHB engaged Sharpe Financial Services Limited to assist in refinancing the bonds. Sharpe Financial Services placed the bonds at a fixed interest rate of 3.95 percent with two institutional investors, one of whom is a local company and the other an overseas company with business ties in Bermuda. The bonds will mature in 2010, the same date the original bonds would have matured.

The hospitals? chief financial officer, Delia Basden, said she was pleased with the refinancing arrangement and ?resulting savings to the hospitals?.

?The Finance Department is constantly evaluating opportunities such as this one that will improve the hospitals? financial health,? she said.