(Chicago, Ill.): Today, Presence Health announced that the Illinois Finance Authority Revenue Bonds, Series 2016C offer issued on August 1, 2016 had successfully closed; with a final issuance principal amount of $1billion at a fixed interest rate of 3.88 percent. This comes at a time when Presence Health is steadily improving its financial performance with a focus on streamlining operations and revenue cycle management. Funds from the revenue bond offering allow Presence Health to refinance all remaining existing debt including a $528million bridge loan issued by J.P. Morgan.
“The success of the offering relied upon our team’s execution of our Fix/Build/Grow strategy, one of the objectives of which is to position Presence Health for long term growth and a more favorable capital structure. We were very excited with how well our bond offering was received. This was clear indication that our investors have full confidence that our turnaround plan is working, we have the right executive team in place, we are engaging the right industry experts, and we are carefully reviewing and restructuring our functional processes,” commented Presence Health President and CEO Michael Englehart. He added, “We are committed to our mission to provide compassionate care to the communities we serve. To support our commitment, we are strengthening our operations to deliver consistent operating income. This will allow us to grow as a high-reliability organization, continuously building upon our strong platform of quality and service.”
IFA Revenue Bond, Series 2016C Statement available at: MUNIOS IFA/PH Rev Bond
About Presence Health
Presence Health is the largest Catholic health system based in Illinois. With more than 150 sites of care, including 12 hospitals, Presence Health has more than 20,000 employees, 4,000 medical professionals and a revenue base of $2.6 billion.