North Carolina Medical Care's Novant Health bonds convert to index interest mode

By Marisa Wong

Madison, Wis., March 25 - North Carolina Medical Care Commission's Novant Health Obligated Group variable-rate demand health care facilities revenue refunding bonds, series 2008A, 2008B and 2008C, were converted to an index interest rate mode on March 23, according to a Novant Health, Inc. notice.

The bonds are being purchased by two banks for a period of five years and will bear interest based on a percentage of Libor plus a spread.

Affected are $70 million of 2008A bonds, $75.09 million of 2008B bonds and $50.87 million of 2008C bonds.

Novant is a not-for-profit integrated health care system based in Winston-Salem, N.C.

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