IRS: Clarian Health Won't Have To Pay Penalty or Resstructure Debt

Duff, Susanna
April 2003
Bond Buyer;4/22/2003, Vol. 344 Issue 31619, p5
Trade Publication
Clarian Health Partners Inc. in Indianapolis, Indiana will not be required to pay a monetary penalty or restructure its debt under a settlement reached with the U.S. Internal Revenue Service (IRS) that ends an audit of the hospital system's acquisition financing debt. The news comes two years after the IRS said it would audit a $331.4 million bond transaction issued on behalf of the hospital system on December 31, 1996, when Indiana University Hospital, Riley Hospital for Children, and Methodist Hospital of Indiana joined to create Clarian.The newly formed systems had issued revenue bonds as new-money issues and used the proceeds to redeem the debt of the two or more original systems' hospitals. Last month, Texas Health Resources reached a settlement after the IRS examined $446.8 million of Series 1997A revenue bonds issued on behalf of the hospital system by the Tarrant County Health Facilities Development Corp. and the $187.6 million of Series 1997B revenue bonds issued by North Central Texas Health Facilities Development Corp. In September, the IRS cleared Pennsylvania-based Catholic Health East after examining $362.2 million in acquisition-financing debt it sold in 1998.


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