GMH loan only $12M out of possible $25M - KUAM.com-KUAM News: On Air. Online. On Demand.

GMH loan only $12M out of possible $25M

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by Sabrina Salas Matanane

Guam - Even though Bill 479 authorizes the Guam Memorial Hospital to borrow up to $25 million, the lone bidder, which was recommended by the Guam Economic Development Authority during today's board meeting, will only agree to loan the hospital $12 million.  Under the proposed agreement, it would have a 50-year amortization and an interest rate from 6.5% to 9%.

"This is the funding source so in order for them to take care of the loan this is the amount available for them to pay the debt services," said Tony Blaz, administrator for GEDA.

GMH needs the money to help pay off debt to various vendors. Recently, credit holds have led to dangerous supply shortages throughout the hospital. Bill 479 would allow GMH to pay off the loan using money from the tobacco tax through the Healthy Futures Fund.

GEDA meanwhile continues negotiations for the hospital to obtain the loan.

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