Providence Health, Wash., to price $200 million taxable CP notes

By Cristal Cody

Springdale, Ark., March 31 - Providence Health and Services in Washington expects to price $200 million series 2008 taxable commercial paper notes on Tuesday, the issuer told Prospect News.

The notes (P-1) probably will price in four tranches, said Sue Painter, chief investment officer and treasurer.

Merrill Lynch & Co. will manage the negotiated sale.

Proceeds will be used to redeem series 2006 F and G taxable auction-rate securities.

Providence Health also is converting series 2006 C,D and E auction-rate bonds to a fixed rate and the series 2003 auction-rate bonds into a special long-term mode.

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