CHI to Issue $1.7 Billion in Bonds to Support Key Strategic Initiatives and Quality Programs
CHI will issue approximately $1.7 billion in taxable and tax-exempt bonds to finance key strategic initiatives that include market expansion, a system wide information-technology infrastructure and improved capabilities in areas such as virtual health, insurance products and clinically integrated networks.
CHI’s ambitious plan includes significant investments in clinically integrated networks, accountable-care organizations, information technology, virtual care platforms and insurance products, among other key areas that will help the organization transform from a hospital system to a true health organization.
As a result of this assertive approach for future growth and success, CHI recently received notification of an adjustment of its long-term credit rating, to A+ with a stable outlook, from Standard & Poor’s and Fitch Ratings. Moody’s rated CHI A1, with a negative outlook. While the agencies adjusted CHI’s rating, they commented favorably on the organization’s prospects for a rebound in operating performance in 2014.
“CHI’s bold plans are by definition going to create some risk – there is always inherent risk in strategic investment,” said Dean Swindle, CHI’s executive vice president for business services and chief financial officer. “But not doing this will create far more risk.”
“CHI continues to refine its direction and business model – and this bond issue will help us achieve important goals well into the future,” said Swindle. “As we improve system-wide efficiencies and operational advancements, the organization continues its firm focus on patient care and clinical excellence, which is inextricably tied to CHI’s mission to create and nurture healthy communities. “
Swindle described the bond issue as a “vital investment” in the future of CHI and its key strategic objectives, and pointed out that the organization continues to boast a prime credit rating. He also said he views the bond issue as a long-term investment for CHI. “We certainly expect this to pay dividends down the road,” Swindle declared.
“CHI’s bold plans are by definition going to create some risk – there is always inherent risk in strategic investment. But not doing this will create far more risk.
”- Dean Swindle, CHI’s president for enterprise business lines and chief financial officer
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