Cases & Deals

Northwestern Memorial Hospital converts variable debt to fixed rate with new tax exempt bond issue

Clients Northwestern Memorial Hospital

Jones Day acted as bond counsel to Northwestern Memorial Hospital and the Illinois Finance Authority in connection with the issuance by the Illinois Finance Authority of $475,000,000 of tax-exempt bonds for the benefit of Northwestern Memorial, one of the country's premier academic medical centers. The new fixed rate bonds were sold by the underwriting group of JPMorgan Securities, Inc., Citigroup Global Markets Inc., Loop Capital Markets, LLC and Carbrera Capital Markets, LLC. The financing provided funds to refinance and convert a portion of Northwestern Memorial's outstanding variable rate debt to long-term fixed rate financing.