Illinois Finance plans $160 million sale of OSF Healthcare bonds

By Sheri Kasprzak

New York, June 9 - The Illinois Finance Authority is set to price $160 million in series 2010A revenue refunding bonds for OSF Healthcare System, according to a preliminary official statement.

The bonds will be sold through lead manager Bank of America Merrill Lynch. The co-manager is Cabrera Capital Markets LLC.

The maturities have not been set.

Proceeds will be used to reimburse OSF Healthcare for costs associated with the construction of system-owned hospital facilities, as well as to refinance and redeem the system's series 1985B variable-rate demand bonds, series 2001 variable-rate demand bonds and series 2007D revenue bonds.

Based in Chicago, the authority makes loans and investments in businesses, nonprofit organizations, agricultural concerns and local governments. Based in Peoria, Ill., OSF operates hospitals and health care facilities in Illinois, Michigan and Iowa.

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