Council greenlights Greenville Health, Palmetto Health's $1.5B debt restructuring plan

Overcoming another financial hurdle, Greenville (S.C.) Health System and Columbia, S.C.-based Palmetto Health received approval from the Greenville City Council to refinance $1.5 billion of debt, according to Greenville News.

The decision, which was passed by a vote of 9 to 3, was previously approved by councils in the Columbia area. The bond refinancing plan must still be approved by the South Carolina Coordinating Council for Economic Development and the state's Jobs-Economic Development Authority.

The bond refinancing plan, sought after as part of GHS and Palmetto's new partnership, is expected to save the merged entity $100 million in interest payments.

"This is money that we will use to reinvest in the hospital system, in patient care, in innovation, facilities and our mission taking care of the poor of Greenville County," Spence Taylor, MD, president of GHS, told Greenville News.

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