Lowell General Hospital (Mass.) to issue $58.5 million revenue bonds

By Cristal Cody

Tupelo, Miss., Sept. 3 - The Massachusetts Health and Educational Facilities Authority expects to sell $58.5 million in series 2010C revenue bonds (Baa1/BBB+/) for Lowell General Hospital, according to a preliminary official statement.

The bonds have serial maturities from 2011 through 2020 and terms due 2030 and 2035.

The bonds will be sold through a negotiated sale managed by Cain Brothers & Co., LLC and Bank of America Merrill Lynch.

Proceeds will be used to finance and refinance the demolition of a building and construction of a new six-story hospital facility and other capital improvements; refund the outstanding series 1996B Lowell General Hospital revenue bonds and refinance commercial banking obligations.

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