CHICAGO — The Illinois Finance Authority this week advanced plans for $750 million of health care borrowing planned by Alexian Brothers Health System, the University of Chicago Medical Center, Palos Community Hospital, and a continuing-care community.

Alexian Brothers received preliminary approval to issue up to $150 million of fixed-rate bonds this spring to refund about $70 million of outstanding debt and raise new money to finance a modernization of its St. Alexius Medical Center facility in the Chicago suburb of Elk Grove Village. The refunding would restructure existing variable-rate debt that carries a letter of credit.

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