Centra Health, Va., to convert interest rate mode of series 2004 bonds, triggers mandatory tender

By Angela McDaniels

Tacoma, Wash., Sept. 15 - The holders of $78.95 million of Centra Health's series 2004 hospital revenue bonds must sell their bonds back to the issuer following the company's decision to convert the bonds to the monthly rate mode from the weekly rate mode.

The bonds were issued for the company by the Industrial Development Authority of the City of Lynchburg in Virginia.

The affected bonds are the $50.3 million series 2004A refunding revenue bonds due Jan. 1, 2028, $15.65 million series 2004D revenue bonds due Jan. 1, 2035 and $13 million series 2004E revenue bonds due Jan. 1, 2035.

The bonds must be tendered to the bond trustee, U.S. Bank NA (call Rachel Muehlbauer at 651 495-3511), by noon ET on Sept. 29.

In a notice to bondholders, U.S. Bank noted that the interest rate has not yet been converted, and bondholders will be able to keep their bonds if Centra Health revokes its election to convert.

Centra Health is based in Lynchburg, Va.

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