CHICAGO — St. Louis-based SSM Health Care System took retail orders yesterday on $280 million of fixed-rate bonds that will be open to institutional investors today. The deal will be followed early next month with $300 million of floating-rate debt.

The combined issues will raise $75 million of new money for various capital projects, including the system’s new $90 million hospital in Janesville, Wis., just north of the Illinois border and 40 miles south of Madison. The remaining $505 million of refunding bonds will defease outstanding debt, refinance debt for savings, retire a bank loan, and restructure various existing tranches with the goal of reducing the system’s put risks.

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