Rockingham Memorial Hospital, Va., to bid on $50 million series 2007 auction-rate bonds

By Sheri Kasprzak

New York, April 7 - The Rockingham Memorial Hospital in Virginia intends to bid on $50 million of its series 2007 auction-rate hospital facilities revenue bonds, according to a bid notice Monday.

The bonds were sold April 4, 2007 through the Industrial Development Authority of the City of Harrisonburg, Va.

The next auction will be Tuesday.

"The corporation expects that in the auction for the bonds on April 8, 2008, it will submit an order to hold the $19.45 million bonds it owns as a result of the April 1, 2008 auction and a bid for 100% of the remainder of the outstanding bonds at a rate of 1.89%," said the notice.

"The corporation expects to purchase any bonds allocated to the corporation in the April 1, 2008 auction with funds of the corporation or with proceeds of indebtedness incurred pursuant to a loan agreement with SunTrust Bank."

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