Chapman and Cutler Counsel for Health Care "Deal of the Year"

December 7, 2011

The Bond Buyer, a publication covering the municipal bond industry, named a $1.75 billion credit facility restructuring and related $665 million bond restructuring for the Adventist Health System/Sunbelt (AHS), headquartered in Florida, as the Health Care Sector "Deal of the Year." Chapman and Cutler served as bond counsel to AHS on this transaction. The deal was recognized not only for its size, as one of the largest syndicated bank credit facilities ever structured for a not-for-profit health care organization, but also for its complexity. The transaction involved the restructuring of an existing credit facility into a new credit facility involving 14 separate US and foreign banks. Bonds were also restructured through multiple letter of credit substitutions and remarketings. The new facility provides AHS with additional flexibility in its access to capital.

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