Press Release

Ballard Spahr Serves as Bond Counsel in $700 Million HonorHealth Transactions

May 13, 2024

Ballard Spahr served as bond counsel in a series of transactions that facilitated the borrowing by HonorHealth—one of Arizona’s largest nonprofit health care systems with six acute-care hospitals and 100+ primary, specialty, and urgent care locations in metropolitan Phoenix—of approximately $200 million in hospital revenue bonds issued in April 2024, a forward delivery series of $283 million that will be delivered in September 2024, and approximately $250 million in lines of credit that closed in May 2024.

The bonds are issued through the Maricopa County Industrial Development Authority and will be used to refund outstanding debt for savings and to finance the acquisition, construction, and improvement of health care facilities throughout Maricopa County, the fourth-most populous county in the United States.

Partner Michele L. Bax, Partner-Elect Tyler M. Cobb, and Associate Ben Vernon led the Ballard Spahr team that represented HonorHealth. All are members of the firm’s national Finance Department and Public Finance practice. They were supported by more than 13 Ballard Spahr attorneys and business professionals across the firm.


HonorHealth is one of Arizona’s largest nonprofit healthcare systems, serving a population of five million people in the greater Phoenix metropolitan area. The comprehensive network encompasses six acute-care hospitals, an extensive medical group with primary, specialty and urgent care services, a cancer care network, outpatient surgery centers, clinical research, medical education, a foundation, an accountable care organization, community services and more. With nearly 15,000 team members, 3,700 affiliated providers and hundreds of volunteers dedicated to providing high quality care, HonorHealth strives to go beyond the expectations of a traditional healthcare system to improve the health and well-being of communities across Arizona. Learn more at

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