Arizona Health offers to purchase Phoenix Children's Hospital bonds

By Ashley Montgomery

Kansas City, Kan., July 24 - Arizona Health Facilities Authority announced a tender offer for its $450 million of series 2007 A, B and C hospital revenue bonds, which were issued for Phoenix Children's Hospital.

The authority intends to purchase up to $225 million of the bonds, according to a notice.

The purchase prices will be determined through a modified Dutch auction. For each $1,000 principal amount of notes, the minimum tender price is $960 and the maximum tender price is $1,000.

Holders wishing to tender their bonds must do so by 5 p.m. ET on Aug. 20.

The expected purchase date is Sept. 6.

The authority said it plans to fund the purchase with proceeds from its issue of 2012A bonds.

J.P. Morgan Securities LLC (212 834-3261) is the dealer manager, and Bondholder Communications Group, LLC (888 385-2663 or 212 809-2663) is the tender agent and information agent.

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