Maryland Health organizes $356.71 million sale of University of Maryland Medical revenue bonds

By Sheri Kasprzak

New York, Feb. 27 - The Maryland Health and Higher Educational Facilities Authority plans to sell $356,705,000 of series 2013 revenue bonds for the University of Maryland Medical System, according to a preliminary official statement.

The deal includes $241,755,000 of series 2013A tax-exempt bonds and $114.95 million of series 2013B taxable bonds.

The bonds (A2/A-/A) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the senior manager. The co-managers are BofA Merrill Lynch, Wells Fargo Securities LLC, Loop Capital Markets LLC, M&T Securities Inc. and US Bancorp Inc.

The maturities have not been set.

Proceeds will be used to refinance the authority's acquisition of most of the assets of St. Joseph Medical Center in Towson and to refund the authority's series 2004B revenue bonds.

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