CHICAGO - Wisconsin-based Froedtert & Community Health closes today on its $189 million refunding of variable-rate revenue bonds that shed the old debt's insurance from downgraded Ambac Assurance Corp. in favor of a letter of credit from U.S. Bank NA.

Froedtert divided the deal into two equal series, with one repricing daily with Morgan Stanley serving as the underwriter and remarketing agent and the other repricing weekly with Ziegler Capital Markets serving as underwriter and remarketing agent.

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