Partners HealthCare System, which runs Boston’s Massachusetts General Hospital, is planning to raise about $420 million for improvements to its hospitals and to refinance debt, Bloomberg reports. Partners will sell $270 million in fixed-rate securities due in 2041 on Jan. 5, 2011.

Partners will also issue variable-rate debt worth $150 million and $100 million of it will be swapped to a fixed rate in privately negotiated arrangements. JPMorgan Chase is marketing the securities. The tax-exempt securities will be sold through the Massachusetts Development Finance Agency.

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