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PFA Closes $133 MM Financing for Prime Healthcare Foundation, Inc.

The Public Finance Authority (PFA) has provided $133 million to finance hospital revenue bonds for the Prime Healthcare Foundation, Inc. (the “Borrower”). The Borrower will use the bond proceeds to acquire, construct and equip certain direct and indirect subsidiaries of the healthcare facilities. The healthcare facilities are located in Glendora, Encino, Huntington Beach, La Palma, Montclair, & Sherman Oaks, California, County of Columbiana, Ohio, and Pampa, Texas.

The Borrower is a North Carolina not-for-profit entity organized exclusively for healthcare purposes. Prime Foundation's subsidiaries provide a variety of inpatient, ambulatory and physician services across six states, including 15 hospitals operating approximately 1,782 licensed beds and employing approximately 6,391 employees. They also fund various charities that support health education, education scholarships, public healthcare education, and free community clinics.

PFA partnered with Orrick, Herrington & Sutcliffe, and Cain Brothers, a division of KeyBanc Capital Markets and Bank of America Merrill Lynch to provide financing to Prime Healthcare Foundation, Inc. The bonds financed will provide numerous public benefits, including substantial amounts of free and discounted charity care to individuals who cannot afford to pay for their care, consistent with their charitable purposes and widely-publicized financial assistance policies.