Henry Ford closes on $1B bond sale

Detroit-based Henry Ford Health System has closed on a $1 billion bond sale — the largest healthcare tax-exempt bond issue in Michigan in the last 25 years.

Ed Chadwick, executive vice president and CFO of Henry Ford Health System, said the transaction allowed the system to restructure all of its debt. "We are very pleased with the success of this bond transaction," he said.

The system is expected to gain more than $125 million in present value savings and a reduction of more than $10 million in annual interest expense from the transaction. 

Two weeks prior to the bond issue, Standard & Poor's upgraded Henry Ford's bond rating to "A" from "A-."

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