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Business news in brief

The headquarters of Rahn & Bodmer Co. in Zurich, Switzerland. The private bank said it was cooperating with a U.S. Department of Justice probe into cross-border accounts of American clients.
The headquarters of Rahn & Bodmer Co. in Zurich, Switzerland. The private bank said it was cooperating with a U.S. Department of Justice probe into cross-border accounts of American clients.Read moreGIANLUCA COLLA / Bloomberg News

In the Region

Fund execs move to Radnor

Hartford Funds, a mutual fund company with $90 billion in assets, has moved its top managers from Simsbury, Conn., to Radnor, the company said. The move follows Hartford's decision to hire Wellington Group, which has an office of stock- and bond-pickers based nearby (its clients include the Vanguard Group in Malvern), as Hartford's "sole" fund adviser. Last year, Hartford chief executive Jim Davey told employees he planned to move and take with him 25 senior managers to Radnor from Connecticut, along with 100 back-office workers previously located in Wayne. Hartford said it has added 50 employees in the Radnor site this year and is hiring additional marketing, sales, computer, finance, and investment-advisory staff. Back offices have remained in Woodbury, Minn. - Joseph N. DiStefano

Hospital owner borrows $475M

Prime Healthcare Services Inc., which owns Roxborough Memorial Hospital in Philadelphia and Lower Bucks Hospital in Bristol, is planning a five-year, $475 million financing this week, including a $225 million asset-based loan and a $250 million senior secured term loan, according to Healthcare Finance Group L.L.C., which is organizing the package of loans. "This financing will allow Prime Healthcare to continue its nationwide expansion and to further develop its business model of turning around underperforming but essential hospitals in other regions of the country where Prime Healthcare currently does not have a presence," Prime's founder and chief executive, Prem Reddy, said in a news release. - Harold Brubaker

Med school gets $2.5M

The Temple University School of Medicine received a $2.5 million donation from the W.W. Smith Charitable Trust to establish the William Wikoff Smith Chair in Cardiovascular Medicine, Temple said. Walter J. Koch, professor and chair of the department of pharmacology and director of the Center for Translational Medicine at the medical school, will be the first occupant of the chair, Temple said. The W.W. Smith Charitable Trust is based in West Conshohocken and was established through the will of Smith, an oil company executive who died in 1976. - Harold Brubaker

NBCU hires Univision exec

NBCUniversal hired top Univision executive Cesar Conde as an executive vice president. Univision is the nation's top Spanish-language broadcaster and competes with NBCUniversal's Telemundo network. Conde had been president of Univision, which beat NBC's prime-time ratings during the February sweeps for the first time. Conde will report to Universal chief executive Steve Burke. NBCUniversal is owned by Philadelphia-based Comcast Corp. - Bob Fernandez

Peco to borrow $550M

Peco, the Philadelphia-based electric and gas utility owned by Exelon Corp., said it priced $550 million of first mortgage bonds whose proceeds will be used to pay existing bonds due Oct. 15 and for other general corporate purposes. Merrill Lynch, Pierce, Fenner & Smith, Credit Suisse Securities USA, and Wells Fargo Securities are leading the offering as active joint book-running managers. - Reid Kanaley

Wharton profs on talk radio

The Wharton School of the University of Pennsylvania will be featured on a new Sirius XM Radio Inc. channel, letting listeners get business lessons directly from professors. Sirius will train Wharton faculty to host shows on the channel, the satellite broadcaster said. The live programs, covering everything from equity markets to retailing, will include listener call-in segments. Sirius is modeling the station on its medical channel "Doctor Radio," which uses physicians from New York University Langone Medical Center as hosts, said Scott Greenstein, president and chief content officer of the New York-based company. - Bloomberg News


Pandora to sell more shares

Internet radio giant Pandora Media Inc. said it would issue new shares in a move that could raise up to $279.4 million - triple the $91.7 million it raised in its IPO in June 2011. The move will refresh the company's dwindling cash reserves and give it more flexibility to invest or make acquisitions as it settles under its new CEO. Investors panned the move, in part because it will dilute any profits for existing shareholders. Shares fell in after-hours trading. The stock has more than doubled in the year to date. - AP