Tarrant County Cultural Education, Texas, to sell $350 million revenue bonds for Scott & White

By Sheri Kasprzak

New York, May 26 - The Tarrant County Cultural Education Facilities Finance Corp. of Texas is set to sell $350 million in series 2010 hospital revenue bonds for Scott & White Health Care, according to a preliminary official statement.

The bonds (A1/A/AA-) will be sold on a negotiated basis with J.P. Morgan Securities Inc. as the lead manager. The co-manager is Goldman Sachs & Co.

The bonds are due 2011 to 2025 with term bonds due 2030, 2035, 2040 and 2045.

Proceeds will be used to pay costs associated with constructing, acquiring and equipping Scott & White facilities, including an acute-care hospital in College Station, Texas, a children's hospital in Temple, Texas, and a hospital in Round Rock, Texas. The remainder will be used to refund existing debt.

The corporation, based in Fort Worth, provides funding for health care and education projects within the county. Scott & White is based in Temple.

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