Highmark gets tenders for 85.13% of Allegheny County revenue bonds

By Susanna Moon

Chicago, April 29 - Highmark Inc. said holders tendered $604.17 million, or 85.13%, of the series 2007A health system revenue bonds issued by the Allegheny County Development Authority (West Penn Allegheny Health System, Inc.).

Highmark accepted all of the notes for purchase, according to a company news release.

The tender offer expired on April 26. The offer began on April 5.

The purchase price is 87.5% of the original principal amount plus accrued interest, according to a previous press release.

The holders of more than 76% of the outstanding principal amount of the bonds had agreed to tender their bonds and consent to the amendments to the indentures and loan agreement.

Highmark previously said it made the tender offer in anticipation of moving forward with its proposed affiliation with West Penn Allegheny Health System.

The information and tender agent is Bondholder Communications Group (contact Winnie Peters at 212 809-2663 or wpeters@bondcom.com).

Highmark is a health and wellness company based in Pittsburgh.

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