Award Recognizes Successful Illinois Financial Authority $1 Billion Bond Issuance
(Chicago, IL) – On December 1, Presence Health received the “2016 Deal of the Year in Healthcare Financing” award from online financial news source The Bond Buyer. The award, presented to Presence Health during The Bond Buyer’s annual “Deal of the Year” awards ceremony in New York City, was in recognition of the August 1 Illinois Finance Authority $1 billion bond issuance on behalf of Presence Health. According to The Bond Buyer, “The sale marked the largest high-yield not-for-profit healthcare deal in recent memory.” Ultimately, the successful bond issuance generated significant savings that were reinvested into services, providing benefit to Presence Health's turnaround plan.
Upon accepting the award, Presence Health President and CEO Michael Englehart described the award-winning financial accomplishment by saying, “…we identified the issue, we partnered with J.P. Morgan, and we went out for a bridge loan and refinanced a billion dollars in twelve weeks.”
About Presence Health
Presence Health is the largest Catholic health system based in Illinois. With over 150 sites of care, including 12 hospitals, 17,700 employees, 4,000 medical professionals Presence Health has a revenue base of $2.6 billion.