|
|
Article: DEAL IN FOCUS: IFA Approves $1B, Mostly for Hospitals.(Midwest)
- Article from:
- The Bond Buyer
- Article date:
- November 11, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Yvette Shields
CHICAGO - The Illinois Finance Authority board yesterday signed off on more than $1 billion of borrowing, mostly on behalf of nonprofit hospitals seeking to enter the tax-exempt market before the end of the year.
The board gave final approval to the issuance of up to $650 million from Advocate Health Care Network, the Chicago area's largest hospital system.
Advocate will include $132 million for new projects. The remainder of the authorization, if tapped, would restructure existing debt to reduce credit and renewal risk and provide financing for its acquisition of BroMenn Healthcare, which serves the Bloomington-Normal ...