Christus Health, La. and Texas, to sell $398.98 million revenue refunding bonds

By Sheri Kasprzak

New York, Dec. 16 - Christus Health plans to price $398.975 million in series 2008 variable-rate revenue refunding bonds through the Tarrant County Cultural Education Facilities Finance Corp. and the Louisiana Public Facilities Authority, according to a preliminary official statement.

The sale includes $268.56 million in series 2008C bonds sold through Tarrant County and $130.415 million in series 2008D bonds sold through Louisiana.

The offering is comprised of $50 million in series 2008C-1 bonds, $47.35 million in series 2008C-2 bonds, $50 million in series 2008C-3 bonds, $47.345 million in series 2008C-4 bonds and $73.865 million in series 2008C-5 bonds. The deal also includes $65.21 million in series 2008D-1 bonds and $65.205 million in series 2008D-2 bonds.

The 2008C-1 through 2008C-4 bonds are all due July 1, 2047, and the 2008C-5 bonds are due July 1, 2031. The 2008D-1 and 2008D-2 bonds are due July 1, 2031.

The bonds will be sold on a negotiated basis with Citigroup Global Markets Inc. as the senior manager for the 2008C-1, 2008C-2 and 2008D-1 bonds; Merrill Lynch & Co. as the lead manager for the series 2008C-5 bonds; Banc of America Securities LLC as the lead manager for the 2008C-3 and 2008C-4 bonds; and Goldman, Sachs & Co. as the lead manager for the 2008D-2 bonds.

Proceeds from the 2008C bonds will be used to refund the Harris County Health Facilities Development Corp.'s series 2005A revenue bonds and Tarrant County Cultural Education Facilities Finance Corp.'s series 2007A and 2007B revenue bonds. The proceeds from the 2008D bonds will be used to refund the Louisiana Public Facilities Authority's series 2005C-2 revenue bonds.

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