$600 Million Debt Financing for Covenant Health

We served as bond counsel and borrower counsel to Covenant Health in connection with the issuance of over $600 million in taxable and tax-exempt debt to finance and refinance its healthcare facilities in eight counties in Tennessee. The nonprofit healthcare system was able to refinance all of its privately held debt and issue new debt, all at historically low interest rates. The debt was simultaneously issued in seven different series and privately placed with four different banks. In connection with the financing, we also assisted Covenant in capitalizing on the current borrower-friendly market conditions by completely restating and modernizing its master trust indenture, resulting in very favorable terms relating to its financial covenants and issuances of new debt in the future.