Illinois Finance to sell $250 million bonds for Silver Cross Hospital

By Sheri Kasprzak

New York, May 14 - The Illinois Finance Authority plans to price $250 million in series 2009 revenue bonds for Silver Cross Hospital and Medical Centers, according to a preliminary official statement.

The bonds (/BBB/BBB+) will be sold on a negotiated basis with Goldman, Sachs & Co. as the lead manager. Barclays Capital Inc. is the co-manager.

The maturities have not yet been set on the bonds.

Proceeds will be used to reimburse the hospital for costs related to constructing a replacement hospital. The remaining proceeds will be used to make a deposit to a debt service reserve fund.

Silver Cross Hospital is based in Joliet, Ill.

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