Novant Health Borrows $1.9 Billion to Expand Carolinas Presence

Novant Health plans to tap the municipal bond market for $1.9 billion next week, marking one of the biggest health-care transactions so far this year.

The North Carolina-based hospital system is borrowing the funds for the partial repayment of its January acquisition of three hospitals in South Carolina, which included the bridge loans used to temporarily finance the $2.4 billion deal, according to a prospectus issued last week.

East Cooper Medical Center

Source: Novant Health

Hospital borrowing plunged in the muni market last year as facilities sought to shore up finances weakened by spiking labor and supply costs. But this year, the sector has rebounded to ...