Maryland Health re-designates $120 million sale of Anne Arundel revenue bonds

By Sheri Kasprzak

New York, Jan. 15 - The Maryland Health and Higher Educational Facilities Authority has re-designated $120 million in revenue bonds for the Anne Arundel Health System, according to a supplement to a preliminary official statement first issued in December.

The authority had originally planned to sell $120 million in series 2008A bonds in December but will now sell $120 million in series 2009A bonds. The original sale had also called for $60 million in series 2008B bonds, but those bonds will be sold in a separate offering under a new 2009B designation.

The 2009A bonds are due 2011 to 2019 with term bonds due 2029 and 2039.

The bonds will be sold through lead manager Citigroup Global Markets Inc. with Manufacturers and Traders Trust Co. as the co-manager.

Proceeds will be used to construct, equip and acquire a new patient tower with 44 additional beds; expand the emergency department; construct a new lobby, waiting area and gift shop; construct a new cafeteria and kitchen; construct a new anatomic/pathology lab; and construct two floors of shell space.

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