By Stephen Nakrosis
The South Carolina Jobs-Economic Development Authority, the county of Allen, Ohio, and Henrico County in Virginia are issuing bonds for the benefit of Bon Secours Mercy Health, a not-for-profit Catholic healthcare system.
Bon Secours operates several facilities in the U.S. and in Ireland, where it is the largest not-for-profit provider.
Proceeds from the bonds will be used to finance or refinance capital expenditures related to facilities in Ohio, South Carolina and Virginia; to refund certain previously issued bonds; and to pay issuance costs, according to documents posted on MuniOS.
The Economic Development Authority of Henrico County is offering $243 million of Series 2025A health facilities revenue bonds. Allen County in Ohio is offering $392 million of Series 2025A hospital facilities revenue bonds and $119 million of Series 2025B hospital facilities revenue bonds. The South Carolina Jobs Authority is offering $72 million in 2025A hospital facilities revenue bonds and $65 million in Series 2025B hospital facilities revenue bonds.
All Series 2025A bonds are fixed rate, while the 2025B issuance is made up of term rate bonds.
Fitch has rated the offering AA-, Moody's has given them a rating of A1, and S&P rates the offerings A+.
The bonds are all exempt from federal taxes. Additionally, the Ohio bonds are exempt from Ohio state taxes, the South Carolina bonds are exempt from South Carolina taxes, and the Virginia bonds are exempt from Virginia taxes.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
March 27, 2025 15:16 ET (19:16 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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