Here are five things to know about the sale:
1. The planned sale is up to $1.2 billion refunding of Wisconsin debt. This includes the issuance of up to $950 million of tax-exempt debt.
2. Details of the sale are scarce. However, hospital officials anticipate significant cash flow savings with a restructuring that will smooth the existing combination of Advocate and Aurora annual debt service payment, said Dominic Nakis, CFO of Advocate Aurora Health.
3. Mr. Nakis added: “We will be combining the debt into an amended and restated master trust indenture to reflect the merger.”
4. Mr. Nakis expects cash flow savings of $250 million over five years as a result of combining debt into an amended MTI.
5. The Bond Buyer reports hospital officials anticipate pricing the bonds on Aug. 6.
Read more about the planned sale here.
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