Highmark and West Penn Allegheny seek approval for $700 million loan

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Highmark and the West Penn Allegheny Health System have asked state officials to approve a $700 million loan for West Penn Allegheny to repurchase bonds from Highmark, which acquired the financially ailing health system last year.

The loan would be guaranteed by Highmark. According to the filing with the Pennsylvania Insurance Department, WPAHS officials project the deal would mean an annual interest savings of $16 million to $19 million for them while reducing Highmark’s debt.


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