Inova Health System, Va., plans to price $344.85 million health care revenue refunding bonds

By Cristal Cody

Springdale, Ark., April 8 - The Inova Health System Foundation plans to price $344.85 million health care revenue refunding bonds, according to a preliminary official statement released Tuesday.

The bonds will price through the Industrial Development Authority of Fairfax County, Va.

The series 2008 bonds initially will price with a fixed term rate for a long-term interest rate period beginning April 17, 2008 and ending April 19, 2009.

The bonds have an initial mandatory tender date of April 20, 2009.

The sale includes $34.975 million series 2008A1 bonds; $34.975 million series 2008A2 bonds; $34.85 million series 2008B1 bonds; $34.85 million series 2008B2 bonds; $51.3 million series 2008C1 bonds; $51.3 million series 2008C2 bonds; $51.3 million series 2008C3 bonds and $51.3 million series 2008C4 bonds.

The series 2008A1 and A2 bonds mature May 15, 2035. The series 2008B1 and B2 bonds mature May 15, 2026.

The remainder of the bonds mature April 15, 2035.

Citi will manage the negotiated sale.

Proceeds will be used to refund the health system's series 2005B, D and E bonds.

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