New Issue: St. Louis Park, Minn., sells $221.85 million revenue refunding bonds with 2.85%-5.92% yields

By Cristal Cody

Springdale, Ark., Aug. 6 - The City of St. Louis Park in Minnesota priced $221.85 million health care facilities revenue refunding bonds for Park Nicollet Health Services, according to an official statement.

The series 2008C bonds (/A/) priced with 5.5% coupons to yield 2.85% to 5.15% for the serial maturities from 2009 through 2018.

The terms due 2023 priced with a 5.5% coupon to yield 5.65%. The terms due 2026 priced with a 5.625% coupon to yield 5.77%, and the 2030 term bonds priced with a 5.75% coupon to yield 5.92%.

The bonds were sold in a negotiated sale handled by senior manager Morgan Stanley and co-manager Wells Fargo Brokerage Services LLC.

Proceeds will be used to refund the series 2003A periodic auction reset revenue bonds, pay termination fees on interest rate swaps and fund a debt service reserve fund.

Issuer:	City of St. Louis Park/Park Nicollet Health Services (Minnesota)
Issue:	Series 2008C health care facilities revenue refunding bonds
Amount:	$225.81 million
Type:	Negotiated
Underwriters:	Morgan Stanley (lead); Wells Fargo Brokerage Services LLC (co-manager)
Rating:	Standard & Poor's: A
Pricing date:	July 29
Settlement date:	Aug. 14
Series 2008C
Maturity	Type	Coupon	Yield
2009	Serial	5.5%	2.85%
2010	Serial	5.5%	3.54%
2011	Serial	5.5%	4%
2012	Serial	5.5%	4.22%
2013	Serial	5.5%	4.41%
2014	Serial	5.5%	4.59%
2015	Serial	5.5%	4.74%
2016	Serial	5.5%	4.89%
2017	Serial	5.5%	5.03%
2018	Serial	5.5%	5.15%
2023	Term	5.5%	5.65%
2026	Term	5.625%	5.77%
2030	Term	5.75%	5.92%

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