CHICAGO – The Illinois Finance Authority advanced borrowings planned by Presence Health and several other elementary and higher education institutions totaling more than $400 million this week.

Presence Health received final approval for its plans to privately place up to $215 million of bonds in a deal that restructures outstanding debt of the two Chicago-area systems that joined in 2011 to form the new system. The two former systems were Chicago-based Resurrection Health Care and Mokena-based Provena Health.

The system operates 12 hospitals and 27 senior living and long-term care facilities. Presence will select refunding candidates from five series of variable-rate demand revenue bonds from a 2005 issue on behalf of Resurrection, up to $75 million of a 2009 Provena issue of floating-rate bonds, and up to $72 million of Provena floating rate debt from a 2010 sale.

The system carries ratings of Baa1 from Moody’s Investors Service and BBB-plus from Fitch Ratings and Standard & Poor’s. All assign a stable outlook. The system expects to issue the bonds at a variable rate tied to the London Interbank Offered Rate under a master trust indenture amended this past May to consolidate all its debt.

Presence is working with Bank of America Merrill Lynch, BBVA Compass Dallas, BMO Harris Bank, Fifth Third, and JPMorgan Chase. Kaufman Hall is advising Presence Health and Jones Day is bond counsel.

Fitch Ratings said it viewed the move “positively, as it will reduce associated annual costs by approximately $2.5 million and allow for capital structure improvements.” Fitch in July affirmed its rating on the $583 million of $1.1 billion of Presence debt it rates.

The IFA board also gave final approval to Noble Network of Charter Schools for its planned public sale of up to $23 million of fixed-rate bonds to raise new money, reimburse itself, and refund a small taxable loan. Projects are slated at a handful of its charter schools. Noble has received a BBB rating from Standard & Poor’s, according to board documents.

The underwriter is BC Ziegler & Co. with Greenberg Traurig LLP serving as bond counsel and Longhouse Capital Advisors LLC is advising Noble.

The bonds will be secured by a pledge of Noble Network of Charter School revenues on parity with its outstanding 2006 and 2007 Bonds and a leasehold mortgage on a pro rata share of the collateral pool pledged to existing bonds. The U.S. Department of Education’s Charter School Credit Enhancement Program will provide enhancement in the form a debt reserve of up to 10% of the ?nanced amount which can be accessed in the event of a default to make debt payments.

The board also gave final approval to the sale of up to $28 million of debt by the Community College District No. 532 in Lake County to finance the cost of altering, renovating, repairing and equipping its Grayslake campus buildings under a $147 million capital plan. The state is providing a $55 million grant.

The college is working with advisor PMA Securities, Inc. and Chapman and Cutler LLP is bond counsel. The senior manager is Edward Jones with Mesirow Financial Inc., Robert W. Baird & Co. Inc. and Stifel Nicolaus & Co. Inc. serving as co-managers.

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