Represented two collaborating health systems in connection with restructuring seven separate bond/direct loan facilities, along with the development of an innovative security structure tailored to the unique co-membership recently created between these health systems. The “Aa”-rated system borrowed from a major money-center bank and deployed proceeds plus equity to the “Baa”-rated affiliate at a rate derived from the preferred credit, with a 15-year moratorium on principal amortization. This structure created a window to allow the affiliate to utilize cash flow savings for capital and operating flexibility with the affiliate having only one related creditor.