Prime Healthcare Foundation Announces Closing of $267 Million Series 2018 Bond Offerings
(Ontario, CA – January 25, 2018) – Prime Healthcare Foundation, a not-for-profit hospital system, announced the closing of $267 million in bond financing, the first ever such financing by the Foundation. Prime Healthcare Foundation owns and operates 15 hospitals in six states and is affiliated with Prime Healthcare, one of the largest for-profit health systems in the United States.
Underwritten by Cain Brothers and BofA Merrill Lynch, the issuances are comprised of $133.7 million of Public Finance Authority Tax Exempt Revenue Bonds (Series 2018A) and $133.3 million of Prime Healthcare Foundation. Taxable Bonds (Series 2018B). Initial investors included many of the nation’s largest bond fund investors and asset managers.
"We are grateful that the investor community has shown its confidence in our strength, leadership team, future vision and ability to turn around distressed hospitals” said Kavitha Reddy Bhatia, MD, Chair of the Prime Healthcare Foundation. “We value the support of our financing partners in our continued growth and mission to provide vital services to patients and communities throughout the country."