Trinity Health to sell up to $1.11 billion bonds in October, November

By Cristal Cody

Tupelo, Miss., Oct. 20 - Trinity Health Credit Group expects to sell $1.114 billion in fixed- and variable-rate bonds in October and November, the issuer said Monday.

Michigan-based Trinity Health plans to price $135.855 million in series 2008B revenue and refunding bonds (Aa2/AA/AA) through the Idaho Health Facilities Authority on Oct. 28, said Jim Bosscher, vice president of treasury.

Trinity Health also plans to sell the $89.135 million in series 2008A-1 and $70 million in series 2008A-2 revenue and refunding bonds (Aa2//AA) through the Michigan State Hospital Finance Authority on Oct. 28, he said.

The bonds will price through negotiated sales led by senior managers Merrill Lynch and Goldman, Sachs & Co.

The proceeds will be used to finance or refinance the costs to acquire, construct and equip health care facilities in Idaho and Michigan and to refund outstanding debt.

Trinity Health also expects to price $820 million in variable-rate bonds in Michigan and Indiana on Nov. 12, subject to market conditions, Bosscher said.

The proceeds will be used to refund debt and to finance or refinance the costs to acquire, construct and equip health care facilities in California, Indiana and Michigan.

Trinity Health operates facilities in seven states.

The bonds that are expected to be refunded or redeemed include the Michigan State Hospital Finance Authority's series 2003A refunding and revenue bonds and the series 2000E, 2003B, 2004E, 2004F, 2005G and 2005H revenue bonds; Franklin County, Ohio's series 2000F, 2003C1, 2003C2, 2004C1, 2004C2 and 2005B revenue bonds; Iowa Finance Authority's series 2003D refunding revenue bonds and 2003E and 2005C revenue bonds; and Idaho Health Facilities Authority's series 2002A and 2002B refunding and revenue bonds;

Also to be refunded or redeemed are Maryland Industrial Development Financing Authority's series 2003F refunding revenue bonds; California Statewide Communities Development Authority's series 2003G refunding revenue bonds and series 2003H and 2004A revenue bonds; Montgomery County, Md.'s series 2004D revenue bonds; and Indiana Health and Educational Facility Financing Authority's series 2005I revenue bonds.

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