Munson accepts tendered Grand Traverse Hospital Finance, Mich., bonds

By Marisa Wong

Madison, Wis., Aug. 8 - Munson Healthcare said that it accepted for purchase all bonds tendered as of 5 p.m. ET on July 19, the deadline of the previously announced tender offer for any and all of four series of revenue refunding bonds issued by County of Grand Traverse Hospital Finance Authority.

The tender offer began on June 6 and was originally scheduled to expire at 5 p.m. ET on July 13. The four series of bonds included $30 million of series 2001A bonds, $23.95 million of series 2002A bonds, $25 million of series 2005A bonds and $30 million of series 2005B bonds.

Munson accepted $25.725 million of 2001A bonds, $15.575 million of 2002A bonds, $24.6 million of 2005A bonds and $29.2 million of 2005B bonds, according to a notice.

The tendered bonds will be purchased at 97 plus accrued interest to but excluding the settlement date, which is expected to be Aug. 10.

Bondholder Communications Group LLC is the information and tender agent.

Munson is a Traverse City, Mich.-based health system operating in 24 counties throughout Michigan. The authority is also based in Traverse City, Mich.

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