Memorial Group gets consents to amendments from 2013 bondholders

By Marisa Wong

Morgantown, W.Va., Dec. 17 – Memorial Group, Inc. said it has received consents from holders of 96.97% of the outstanding health facility revenue bonds, series 2013, issued by the Southwestern Illinois Development Authority to some proposed amendments to a loan agreement and master indenture.

Memorial Group began the consent solicitation on Dec. 1. The deadline for submitting consents was 6 p.m. ET on Dec. 10.

As previously reported, BJC HealthCare has proposed an affiliation with Memorial Group. In connection with that, BJC has agreed to provide a guaranty of the payment obligations relating to Memorial’s outstanding 2013 bonds. The guaranty is subject to the bondholders approving amendments to the documents for those bonds.

The authority originally issued $163.85 million of the bonds.

Memorial is a medical group based in Belleville, Ill. BJC is a non-profit health-care organization based in St. Louis.

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