Ann Arbor-based University of Michigan Health System will assume $200 million in bond debt from Wyoming, Mich.-based Metro Health as the hospitals' affiliation reached completion Dec. 15, MLive.com reports.
On Dec. 8, the University of Michigan Board of Regents approved the refinancing of Metro Health's debts by issuing up to $200 million in general revenue bonds. Metro Health is transitioning to a wholly-owned subsidiary of University of Michigan Health System.
The bonds will lower financing costs on Metro Health's debt, according to the report. University of Michigan Health System general revenue will secure the bonds.