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 our investors have shown their confidence in
our strength, leadership, 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 quality, compassionate care to
patients and communities throughout the nation."
About Prime Healthcare Services and Prime Healthcare Foundation:
On a combined basis, Prime Healthcare and Prime Healthcare Foundation
(Prime Healthcare) is an award-winning national hospital system with 45
hospitals providing nearly 43,500 jobs in 14 states. Fifteen of the hospitals
are members of the Prime Healthcare Foundation, a 501(c)(3) public charity,
with assets of approximately $1.1 billion. The mission of the Prime Healthcare
Foundation is to provide quality, compassionate healthcare for all, and
to serve our communities through various charitable and educational initiatives.
Based in California and one of the largest hospital systems in the country,
Prime Healthcare is committed to ensuring access to quality healthcare.
It has been recognized as among the “100 Top Hospitals” in
the nation 38 times and among the “15 Top Health Systems”
three times. Numerous hospitals have been recognized by The Joint Commission
as among the "Top Performers on Key Quality Measures.” For
more information, please visit www.primehealthcare.com