Orlando (Fla.) Health issued $315 million in bonds, the largest bond offering in its history, to refinance some of its existing debt, reports Orlando Sentinel.
Below are three things to know.
1. On April 13 the Orange County Health Facilities Authority issued about $240 million in tax-exempt bonds on behalf of Orlando Health and the Orlando Health Obligated Group issued $75 million in taxable bonds.
2. The debt offering comes after Moody's Investors Service upgraded the health system's credit rating. Moody's upgraded Orlando Health from an "A3" rating to an "A2" rating with a stable outlook March 31. Fitch Ratings and Standard & Poor's Ratings Services confirmed their "A" ratings with a stable outlook.
3. The offering was oversubscribed and generated $2.5 billion in orders. The bonds are expected to close April 27.