Highmark begins tender offer for Allegheny County series 2007A bonds

By Angela McDaniels

Tacoma, Wash., April 5 - Highmark Inc. began a tender offer and consent solicitation for any and all series 2007A health system revenue bonds issued by the Allegheny County Development Authority (West Penn Allegheny Health System, Inc.), according to a company news release.

The purchase price is 87.5% of the original principal amount plus accrued interest.

The tender offer will expire on April 26.

The holders of more than 76% of the outstanding principal amount of the bonds have agreed to tender their bonds and consent to the amendments to the indentures and loan agreement.

The tender offer is subject to various conditions.

Highmark said it is making the tender offer in anticipation of moving forward with its proposed affiliation with West Penn Allegheny Health System.

The information and tender agent is Bondholder Communications Group (contact Winnie Peters at 212 809-2663 or wpeters@bondcom.com).

Highmark is a health and wellness company based in Pittsburgh.

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