Promedica Healthcare offers $271 million revenue and refunding bonds

By Sheri Kasprzak

New York, Dec. 30 - The Promedica Healthcare Obligated Group of Ohio and Michigan is set to sell $270.655 million of series 2011A-B hospital revenue and revenue refunding bonds, according to a preliminary official statement.

The offering includes $249.16 million of series 2011A revenue bonds offered through Lucas County, Ohio, and $21.495 million of series 2011B revenue refunding bonds offered through Lenawee County Hospital Finance Authority of Michigan.

The bonds (Aa3/AA-/) will be sold on a negotiated basis with Barclays Capital Inc. and Wells Fargo Securities LLC as the underwriters.

The 2011A bonds are due 2012 to 2022 with term bonds due 2025, 2040 and 2045. The series 2011B bonds are due 2012 to 2019 with term bonds due 2030 and 2035.

Proceeds will be used to construct a 51,000 square-foot replacement hospital for Toledo Hospital, complete a 75,000 square-foot orthopedic center at the Wildwood Medical Center and make other renovations and repairs to Promedica facilities.

Based in Toledo, Ohio, the obligated group operates hospitals and other health care facilities in Ohio and Michigan.

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