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Thompson Coburn handled The Bond Buyer’s 2011 Health Care Deal of the Year

December 22, 2011

The public finance industry’s leading newspaper has selected a Thompson Coburn-led transaction as the 2011 Deal of the Year for the health care sector.

The Bond Buyer picked the $1.75 billion credit facility restructuring and related $665 million bond restructuring for Adventist Health System/Sunbelt (AHS) as its top health care deal of 2011. In that transaction, Thompson Coburn served as counsel to U.S. Bank, which acted as the administrative agent and lead arranger on the transaction. The publication recognized the Adventist Health System deal for both its complexity and size. It was one of the largest syndicated bank credit facilities ever created for a nonprofit health system, and one of the largest managed syndicated loan facilities in the bank’s history.

Thompson Coburn helped U.S. Bank structure a replacement credit facility involving 14 U.S. and foreign banks. The new credit facility provides credit enhancement and liquidity support on Adventist’s tax-exempt bond issues and allows direct draws for general corporate purposes. Since the closing of the syndicated facility, Thompson Coburn has served as counsel to U.S. Bank on an additional $80 million credit facility for Adventist that closed in November 2011.

Thompson Coburn attorney Steve Mitchell led work on the transaction.

Florida-based Adventist Health System is a nonprofit health care organization that supports 43 campuses, employs nearly 55,000 individuals, operates more than 7,700 licensed beds in 10 states and serves four million patients each year in inpatient, outpatient and emergency room visits.

U.S. Bank, the 5th largest commercial bank in the United States, operates over 3,000 banking offices and over 5,000 ATMs in 25 states, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment service products to consumers, businesses and institutions. 

The U.S. Bank Healthcare Division serves the financing, operational and investment needs of leading healthcare systems, payers, pharmaceutical and medical supplier segments with a full suite of credit, treasury management, capital markets, payment, investment management, corporate trust and custody products and services.  The group serves healthcare clients nationally from offices in St. Louis, Nashville, Atlanta, Seattle, New York, San Francisco, Cincinnati and the Los Angeles area.