(Ontario, CA – January 25, 2018) – Prime Healthcare Foundation, a not-for-profit hospital system, announced the closing of $267 million in bond financing, the first-ever such financing by the Foundation. Prime Healthcare Foundation owns and operates 15 hospitals in six states and is affiliated with Prime Healthcare, one of the largest for-profit health systems in the United States.
Underwritten by Cain Brothers and BofA Merrill Lynch, the issuances are comprised of $133.7 million of Public Finance Authority Tax Exempt Revenue Bonds (Series 2018A) and $133.3 million of Prime Healthcare Foundation. Taxable Bonds (Series 2018B). Initial investors included many of the nation’s largest bond fund investors and asset managers.
“We are grateful that the investor community has shown its confidence in our strength, leadership team, future vision, and ability to turn around distressed hospitals,” said Kavitha Reddy Bhatia, MD, Chair of the Prime Healthcare Foundation. “We value the support of our financing partners in our continued growth and mission to provide vital services to patients and communities throughout the country.”
About Prime Healthcare Services and Prime Healthcare Foundation:
Founded in 2001, Prime Healthcare has emerged as one of the nation’s leading hospital systems. Prime Healthcare was founded by Dr. Prem Reddy, a physician with a mission to save hospitals, improve community healthcare and provide the very best care to patients.
Our philosophy is that all healthcare is local. Each of our hospitals serves the unique needs of their communities while providing exceptional care with the strength and support of Prime Healthcare. Through a physician-directed and patient-centered model, passionate dedication to quality, evidence-based best practices, operational efficiency, technology, and capital investment, our hospitals are recognized among the best in the nation. Prime Healthcare was recognized by Truven Health Analytics as a Top 10 and 15 Health System in the nation three times.
On a combined basis, Prime Healthcare and Prime Healthcare Foundation (Prime Healthcare) is an award-winning national hospital system with 45 hospitals providing nearly 43,500 jobs in 14 states. Fifteen of the hospitals are members of the Prime Healthcare Foundation, a 501(c)(3) public charity, with assets of approximately $1.1 billion. The mission of the Prime Healthcare Foundation is to provide quality, compassionate healthcare for all, and to serve our communities through various charitable and educational initiatives. Based in California and one of the largest hospital systems in the country, Prime Healthcare is committed to ensuring access to quality healthcare. It has been recognized as among the “100 Top Hospitals” in the nation 38 times and among the “15 Top Health Systems” three times. Numerous hospitals have been recognized by The Joint Commission as among the “Top Performers on Key Quality Measures.” For more information, please visit www.primehealthcare.com