Ohio to sell $175 million in facilities revenue bonds for Summa Health

By Sheri Kasprzak

New York, April 16 - The state of Ohio is expected to price $175 million in series 2010 hospital facilities revenue bonds for Summa Health System, according to a preliminary official statement.

The bonds (Baa1//BBB+) will be sold through senior managers J.P. Morgan Securities Inc. and PNC Capital Markets LLC.

The bonds are due 2025, 2030, 2035 and 2040.

Proceeds from the offering will be used to fund the construction of a trauma center at Summa Akron City Hospital, the renovation of a patient tower at the Summa Wadsworth-Rittman campus, refinance the construction of a parking garage at Summa Akron City Hospital and finance improvements at a variety of Summa Health hospitals in Ohio.

Summa Health, based in Akron, Ohio, operates a system of hospitals and acute care centers throughout the state.

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