McLaren Health Care, Mich., cancels $203.67 million bond sale, evaluates options

By Cristal Cody

Springdale, Ark., July 15 - McLaren Health Care cancelled the Tuesday sale of $203.665 million fixed-rate bonds because of market concerns, a source with the issuer said Tuesday.

The series 2008A revenue and refunding bonds (A1//AA-) were planned to price through the Michigan State Hospital Finance Authority in a negotiated sale managed by Citigroup Global Markets.

A new pricing date has not been scheduled.

Proceeds will be used for health care facility renovation projects and to refund the series 1994A revenue refunding bonds for Pontiac Osteopathic Hospital; the series 2003A revenue and refunding bonds and 2003B revenue bonds for Mount Clemens General Hospital and the series 2005A revenue and refunding bonds and series 2005B revenue bonds for McLaren Health Care.

Proceeds also will be used to repay loans to the authority, including $59.545 million from the 1994 No. 1 hospital note by Pontiac and Mount Clemens' $79.735 million 2003 No. 1 note and $82.8 million 2003 No. 3 note.

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