Mountain States Health Alliance of Va., Tenn. to sell $101.86 million bonds Wednesday

By Sheri Kasprzak

New York, March 16 - The Mountain States Health Alliance of Virginia and Tennessee is set to sell $101.855 million in series 2009 hospital revenue bonds Wednesday, according to a preliminary official statement.

The sale includes $5.44 million in series 2009A bonds, which will be sold through the Health and Educational Facilities Board of the City of Johnson City, Tenn.; $5.56 million in series 2009B bonds, which will be sold through the Industrial Development Authority of Smyth County, Va.; and $90.855 million in series 2009C bonds, which will be sold through the Industrial Development Authority of Washington County, Va.

The bonds (Baa1/BBB+/BBB) will be sold on a negotiated basis with Merrill Lynch & Co. and Morgan Keegan & Co. Inc. as the senior managers.

Proceeds will be used to refinance outstanding debt, to finance construction costs, to finance costs related to the replacement of Johnson Memorial Hospital in Tennessee and to finance the construction of a 57-bed hospital in Smyth County, Va.

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