Massachusetts Development Finance coordinates $330 million sale of Partners Health Care bonds

By Sheri Kasprzak

New York, Dec. 6 - The Massachusetts Development Finance Agency is expected to hit the market with $330 million of series 2012L revenue bonds on behalf of the Partners Health Care System, according to a preliminary official statement.

The bonds (Aa2/AA/AA) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the senior manager. The co-managers are Bank of America Merrill Lynch, Barclays Capital Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC.

The bonds are due 2014 to 2026 with term bonds due in 2031, 2036 and 2041.

Proceeds will be used to construct a hospital in Charlestown, Mass., to house a 132-bed replacement for the Spaulding Rehabilitation Hospital, the installation of a system-wide revenue management system and acute care documentation management system and the construction of a building at the Brigham & Women's Hospital's main campus.

Proceeds also will be used to construct a parking garage beneath Brigham's Boston campus, to acquire a building in Boston to house research and administrative offices and to renovate and equip other facilities operated by Partners.

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