The University of Pittsburgh Medical Center next week will issue $720 million of tax-exempt revenue bonds, part of the health care provider’s $1.1 billion debt refinancing plan.

UPMC’s refinancing strategy will increase the amount of fixed-rate debt in its debt portfolio to 80% from 70% and terminate 10 of its 14 derivatives. The remaining 20% will comprise of variable-rate debt. The health care provider has $3.2 billion of outstanding bonds.

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