Indiana Finance Authority to sell $98.23 million revenue bonds for King's Daughters' Hospital

By Sheri Kasprzak

New York, Oct. 4 - The Indiana Finance Authority plans to sell $98.225 million in series 2010 hospital revenue bonds for the King's Daughters' Hospital and Health Services, according to a preliminary official statement. Pricing is expected the week of Oct. 18.

The bonds (Baa2//BBB+) will be sold on a negotiated basis with Piper Jaffray & Co. as the senior manager.

The maturities have not been set.

Proceeds will be used to finance, refinance or reimburse the health system for the renovation, construction, acquisition and equipment of a replacement hospital for the King's Daughters' facility in Madison, Ind. The replacement hospital will be built on a 94-acre site about 4.5 miles from the current building, which is listed on the National Register of Historic Places.

The current hospital is structurally deficient and cannot accommodate modern technology and clinical service expansions, according to the preliminary official statement.

Based in Indianapolis, the authority provides financing for state buildings, health care facilities, educational organizations and other public programs. The hospital and health services system is based in Madison, Ind.

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