CHICAGO - The Illinois Finance Authority board yesterday advanced more than $500 million in financings, including Hospital Sisters Services Inc.'s $130 million refunding and Resurrection Health Care's $105 million auction-rate restructuring.
Hospital Sisters sought approval to refund its 1998 fixed-rate issue for savings. The system will use a variable rate demand bond structure, providing its own liquidity. The agency is rated AA-minus by Fitch Ratings, AA by Standard & Poor's, and Aa3 by Moody's Investors Service. Merrill Lynch & Co. is the underwriter and Jones Day is bond counsel.