Michigan State Hospital calls $344.52 million Detroit Medical bonds

By Melissa Kory

Cleveland, Jan. 3 - Michigan State Hospital Finance Authority said it will redeem $93.175 million of series 1993B, $108.65 million of series 1998A and $142.69 million of series 1997A Detroit Medical Center Obligated Group hospital revenue and refunding bonds.

The notes will be redeemed on Jan. 31 at par plus accrued interest to the redemption date.

The following series 1993B bonds are affected:

• $14.955 million 5.75% bonds due Aug. 15, 2013; and

• $78.22 million 5.5% bonds due Aug. 15, 2023.

The following series 1998A bonds are affected:

• $1.37 million 5% bonds due Aug. 15, 2012;

• $1.54 million 5% bonds due Aug. 15, 2013;

• $1.775 million 5% bonds due Aug. 15, 2014;

• $8.025 million 5.125% bonds due Aug. 15, 2018;

• $29.085 million 5.25% bonds due Aug. 15, 2023; and

• $66.855 million 5.25% bonds due Aug. 15, 2028.

The following series 1997A bonds are affected:

• $6.08 million 5.1% bonds due Aug. 15, 2011;

• $50 million 5.5% bonds due Aug. 15, 2024; and

• $86.61 million 5.25% bonds due Aug. 15, 2027.

Bank of New York Mellon is the redemption agent for the series 1993B bonds. U.S. Bank, NA is the redemption agent for the series 1998A and series 1997A bonds.

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