The for-profit health system plans to use the proceeds from the 6.125 percent junior priority secured notes offering as well as cash on hand to redeem all outstanding 8.125 percent junior priority secured notes due in 2024.
The sale is expected to be complete on May 19, subject to closing conditions, according to the health system.
Fitch Ratings assigned a “CC”/”RR6” rating to the new secured notes. Fitch said the outlook is also positive, reflecting the health system’s improving financial flexibility.
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