Thomas Jefferson University and Abington Health completed their affiliation last week, according to a notice to bondholders Monday.
Under the arrangement, Jefferson's board will be reconstituted to have 11 members each from Jefferson and Abington. Two unaffiliated members of the new board are to be picked later.
Abington, which has two hospitals in Montgomery County - Abington Memorial and Lansdale Hospital - will be a subsidiary of Thomas Jefferson University. Jefferson and Abington announced their definitive agreement in January.
At this point, the deal is not a full financial merger because the two organizations are maintaining separate debt structures, but a combination of debt is under discussion, the bond disclosure said.
"Discussions regarding a combined credit structure are preliminary in nature. No final decisions have been made," the document said.
Jefferson, which is based in Center City and split from Main Line Health less than a year ago, had $644 million in long-term debt on March 31. Abington had $325.6 million in long-term debt on Dec. 31, the most recent figure available.