OU Medicine Inc., OK Series 2018B&C Fixed-Rate Bonds Assigned 'BB+' Rating

CHICAGO (S&P Global Ratings) Feb. 15, 2018--S&P Global Ratings assigned its 'BB+' long-term rating to the Oklahoma Development Finance Authority's approximately $966 million series 2018B tax-exempt fixed-rate bonds and $246 million series 2018C taxable fixed-rate bonds issued for OU Medicine Inc. (OUMI). The outlook is stable. OUMI expects to have Assured Guaranty insure $100 million of the tax-exempt issuance. OUMI will use the funds from the series 2018B and 2018C bonds to refund the bridge loans in their entirety and provide permanent financing for the following: the already funded acquisition of HCA's 70% assets and interest in the former JOA ($750 million), the repayment to the trust for certain debt and expenses ($65 million), capitalization of OUMI ($30 million), the

...CHICAGO (S&P Global Ratings) Feb. 15, 2018--S&P Global Ratings assigned its '##+' long-term rating to the Oklahoma Development Finance Authority's approximately $966 million series 2018B tax-exempt fixed-rate bonds and $246 million series 2018C taxable fixed-rate bonds issued for OU Medicine Inc. (OUMI). The outlook is stable. OUMI expects to have Assured Guaranty insure $100 million of the tax-exempt issuance. OUMI will use the funds from the series 2018B and 2018C bonds to refund the bridge loans in their entirety and provide permanent financing for the following: the already funded acquisition of HCA's 70% assets and interest in the former JOA ($750 million), the repayment to the trust for certain debt and expenses ($65 million), capitalization of OUMI ($30 million), the funding for the majority of the related capital expenditures for the patient tower at OUMC ($319 million), a capitalized interest fund for the project ($44 million), and the coverage of the costs of issuance and related...

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