Upper Chesapeake Hospitals, Md., to convert $52.74 million auction-rate bonds

By Cristal Cody

Springdale, Ark., July 15 - Upper Chesapeake Hospitals in Maryland plans to convert and remarket the outstanding $52.74 million from their series 2007C auction-rate bonds, according to a preliminary reoffering circular released Tuesday.

The revenue bonds will be converted to a fixed interest rate on Aug. 8.

The bonds have serial maturities from 2009 through 2018 and terms due 2023, 2028 and 2038.

The bonds are insured by Financial Security Assurance Inc. and priced through the Maryland Health and Higher Educational Facilities Authority.

Banc of America Securities LLC and BB&T Capital Markets are the remarketing agents.

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