Inova Health System sets pricing date for $344.85 million revenue refunding bonds

By Cristal Cody

Springdale, Ark., April 9 - The Inova Health System Foundation expects to price $344.85 million health care revenue refunding bonds on Thursday, the issuer told Prospect News.

The final closing is planned for April 17, said spokesman Che Parker.

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

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

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 matures April 15, 2035.

Citi is managing the negotiated sale.

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

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