The Queen's Health Systems closes $400M bond financing

Manatt lawyers closed a $400 million financing for Honolulu-based Queen’s Health Systems, which operates Hawaii’s largest hospital, The Queen’s Medical Center, together with other community hospitals in the islands, and one of Hawaii’s largest land companies.

The transaction involved a complete reorganization of Queen’s debt structure, and involved the issuance of $206 million of fixed-rate bonds, two series of variable-rate bonds of $115 million, an inaugural issuance of $80 million of taxable bonds, and a Bank of Hawaii loan in the amount of $75 million. In addition, a new “master trust indenture” was implemented, all existing debt was refunded, and existing swap obligations were transferred.

Client

Queen's Health Systems, The

Service Type

Capital Market Finance, Corporate

Industry

Healthcare, Hospitals / Health Systems

Office

San Francisco, Los Angeles