Iowa Finance to price $95.5 million revenue bonds for Genesis Health

By Sheri Kasprzak

New York, June 3 - The Iowa Finance Authority is expected to sell $95.5 million in series 2010 health care revenue bonds for Genesis Health System, according to a preliminary official statement.

The bonds (A1) 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 reimburse the health system for improvements to be completed in 2011. The remainder will be used to refund the system's series 1997 and 2000 bonds.

The Des Moines-based authority provides financing for affordable housing, health care, environmental projects and business development, as well as other programs.

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