CHICAGO — Novi, Mich.-based Trinity Health Corp. received preliminary approval from the Illinois Finance Authority board this week for its planned sale of about $550 million of debt tied to its recent acquisition of Loyola University Health System in suburban Chicago.

Trinity, which operates 46 acute-care hospitals and other health care facilities in nine states, closed on its acquisition of Loyola in late June. Trinity’s facilities generated more than $7 billion in revenues in fiscal 2010 and it carries more than $3 billion in cash and assets. Its debt totals $2.7 billion and the system is in the midst of a $2.4 billion capital campaign.

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