By Cristal Cody
Tupelo, Miss., Oct. 29 - Fairview Health Services priced $222.5 million in variable-rate revenue bonds through the city of Minneapolis with a 1.55% initial weekly interest rate, a sellside source said Wednesday.
The $84.375 million series 2008C, $28.125 million series 2008D and $110 million series 2008E bonds were oversubscribed on the orders placed Tuesday, the source said.
The bonds (Aaa/AAA/) are due in 2047.
Citigroup Global Markets managed the negotiated sale of the series 2008C bonds. RBC Capital Markets managed the sale of the series 2008D bonds, and Wells Fargo Brokerage Services LLC managed the series 2008E bonds.
The proceeds will be used to finance the costs to construct and equip health care facilities, including a replacement children's hospital at the University of Minnesota Medical Center.
| Issuer: | Fairview Health Services/City of Minneapolis
|
| Issue: | Variable-rate revenue bonds
|
| Amount: | $222.5 million
|
| Type: | Negotiated
|
| Initial rate: | 1.55%
|
| Resets: | Weekly
|
| Maturity: | 2047
|
| Underwriters: | Citigroup Global Markets, RBC Capital Markets, Wells Fargo Brokerage Services LLC
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | Oct. 28
|
| Settlement date: | Oct. 29
|
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