The Colorado Health Facilities Authority helped a nonprofit hospital network in Florida and a New Jersey agency that finances capital projects for colleges lead the nation’s tax-exempt borrowers in refinancing debt Thursday.
Borrowers are trying to take advantage of low long-term rates in the municipal market. States and local governments are to sell $9.4 billion of debt this week, up from $4.2 billion last week.
Adventist Health System, which operates hospitals in 10 states, sold $271.4 million of bonds through the authority to retire higher-interest debt. The New Jersey Educational Facilities Authority issued about $190 million in similar “refunding” debt.
Colorado law allows hospital systems with operations in multiple states to borrow money through the authority as long as their facilities in Colorado are involved.
The New Jersey bonds will refinance debt sold to establish a capital-improvement fund that provided grants to Colorado colleges and universities.
