Memorial Hermann Healthcare, Texas, to price $228.38 million in bonds

By Sheri Kasprzak

New York, Oct. 28 - The Memorial Hermann Healthcare System of Texas is expected to price $228.375 million in series 2008B hospital revenue refunding bonds, according to a preliminary official statement. The bonds will price through the Harris County Health Facilities Development Corp.

Although no formal date has been set for the offering, a sellside source told Prospect News the sale is expected to take place in November.

The bonds (A2/A/) will be sold on a negotiated basis with RBC Capital Markets as the senior manager. The co-managers are J.P. Morgan Securities Inc. and Siebert Brandford Shank & Co.

The offering includes term bonds due 2028, 2031 and 2035.

Proceeds will be used to repay a bridge loan and to fund a debt service reserve fund.

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