Massachusetts officials last week unanimously approved a $147.6 million revenue bond deal as part of a comprehensive plan to boost the flagging fortunes of the state's largest health maintenance organization, Harvard Pilgrim Health Care Inc.

The proposed debt offering is predicated on the imminent sale of eight Harvard Pilgrim buildings to Civic Investments Inc., a single-purpose holding entity set up by the Massachusetts Health and Educational Facilities Authority (HEFA). Harvard Pilgrim will then lease back the facilities from Civic Investments with the lease payments, construction mortgages and actual real estate assets being securitized by HEFA.

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