CHICAGO - Hit with a round of downgrades because of the added debt burden, Elmhurst Memorial Healthcare will enter the market beginning next week with $363 million of mostly new-money bonds to help finance construction of a replacement facility just west of Chicago that will help the hospital remain competitive over the long term.

The hospital will sell $113 million of fixed-rate bonds next week through the Illinois Finance Authority. In the week of May 19 Elmhurst will sell, through the same conduit, about $250 million of variable-rate demand bonds in four series each backed by a bank letter of credit. Citi and Morgan Stanley are co-underwriters, Ponder & Co. is financial adviser, and Jones Day is bond counsel.

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