After staying out of a multi-state refinancing in March, the New Jersey Health Care Facilities Financing Authority will refund early next year up to $150 million of Catholic Health East debt after the health care provider and the authority reached agreement on collateral postings for derivatives.

CHE now agrees to have a least 60 days' cash on hand after funds are taken out to post collateral on swaps. In return, the authority will limit materials that could become subject to the Open Public Records Act. HCFFA will waive its derivatives policy if a debt transaction is insured, as the credit enhancer's requirements would then take effect, according to minutes of the authority's Dec. 17 board meeting.

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