CHICAGO - St. Louis-based Ascension Health today will remarket $570 million of weekly variable-rate bonds as fixed-rate debt in the first of three planned mode conversions over the next month.

As the highly rated health-care giant seeks to reduce its variable-rate exposure, it will conduct the transactions through several conduit issuers. The first two transactions will convert variable-rate demand bonds into fixed-rate debt while the third conversion will feature what the finance team describes as a new short-term debt product dubbed "windows mode" that features a seven-month put.

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