MINNEAPOLIS--(BUSINESS WIRE)-- U.S. Bank today announced that its Healthcare Division has closed as sole Lead Arranger and Agent for a $1.75 billion senior credit facility for Adventist Health System.
“We were pleased to be able to collaborate so closely with Adventist to structure a unique program that would meet its immediate financing requirements,” said Robert Joyce, senior vice president and division head, U.S. Bank Healthcare Division. “Additionally, the state-of-the-art financing structure will serve as an important tool in helping the organization reach its longer term objectives.”
“We undertook a thorough and extensive selection process when the decision was made to seek the best Administrative Agent for our needs. We chose U.S. Bank to lead our credit facility in recognition of its commitment to our industry, the solid values exhibited by its people, and the thoughtful, consultative approach employed in structuring an innovative solution that met all our needs,” said David P. Singleton, senior vice president and treasurer of Adventist Health System. “Their in-depth knowledge of our organization and of the industry is reflected in what they were able to deliver for us. We are very pleased with the results.”
About Adventist Health System
Adventist Health System is a not-for-profit health care organization that emphasizes Christ at the center of care. Founded in 1973, Adventist Health System has grown to become the largest not-for-profit Protestant health care provider in the nation. Today, Adventist Health System, whose flagship entity is Florida Hospital, supports 43 campuses and employs nearly 55,000 individuals. Adventist Health System hospitals are comprised of more than 7,700 licensed beds, providing care for four million patients each year in inpatient, outpatient and emergency room visits.
About U.S. Bank Healthcare Division
The U.S. Bank Healthcare Division serves large healthcare institutions by leveraging its expertise and understanding of the unique dynamics of the industry to deliver flexible and creative credit, capital markets, treasury management, payments and trust and custody solutions in a relationship-based, consultative manner. The group serves healthcare clients nationally from offices in St. Louis, Nashville, Atlanta, Seattle, New York, San Francisco, Cincinnati and Newport Beach, Calif. For more information, please visit www.usbank.com/healthcaredivision.
About U.S. Bancorp
U.S. Bancorp (NYSE: USB), with $311 billion in assets as of March 31, 2011, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,082 banking offices in 25 states and 5,238 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
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INDUSTRY KEYWORDS: Health Hospitals Other Health Professional Services Banking Finance Other Professional Services General Health