Michigan hospital authority to price $377.63 million bonds in July

By Cristal Cody

Springdale, Ark., July 1 - Michigan State Hospital Finance Authority expects to price $203.665 million fixed-rate bonds the week of July 14 and $173.965 million variable-rate bonds on July 30, the issuer said Tuesday.

The series 2008A revenue and refunding bonds (A1//AA-) for McLaren Health Care and members of the credit group will be sold in a negotiated sale managed by Citigroup Global Markets.

The authority also plans to price $173.965 million series 2008B revenue and refunding bonds for McLaren Health Care on July 30, said Tom Letavis, executive director.

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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