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.