Pinnacle Health System of Pennsylvania to bid on $115.525 million of auction-rate bonds

By Sheri Kasprzak

New York, May 9 - The Pinnacle Health System in Pennsylvania said it plans to bid on $115.525 million of its series 2004 and 2007 auction-rate bonds, said a bid notice released Friday.

The bonds that the system plans to bid on include $50.9 million of series 2004 health system revenue bonds, which are due Aug. 15, 2034, and $64.625 million of series 2007 health system revenue bonds, which are due May 15, 2029.

The system will bid on the series 2004 bonds on May 13 at a 2.58% rate and will also bid on the 2007 bonds May 13, also at the 2.58% rate.

The system plans to bid on the bonds until they purchase all of the outstanding bonds.

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