Maine Health plans $290 million bonds for MaineGeneral Medical Center

By Sheri Kasprzak

New York, July 14 - The Maine Health and Higher Educational Facilities Authority is expected to price $290 million of series 2011 revenue bonds for the MaineGeneral Medical Center, according to a preliminary official statement.

The bonds (Baa3/BBB-) will be sold through senior managers Bank of America Merrill Lynch and Raymond James & Associates Inc. The co-managers are Morgan Keegan & Co. Inc., Morgan Stanley & Co. Inc. and Wells Fargo Securities LLC.

The maturities have not been set.

Proceeds will be used to construct and equip a 580,000 square-foot hospital in Augusta, Maine, and to consolidate the medical center's two inpatient facilities currently located in Augusta and Waterville.

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