By Sheri Kasprzak
New York, Nov. 12 - The Michigan State Hospital Finance Authority priced $391.47 million in series 2008C variable-rate refunding revenue bonds on Wednesday, said Terry Stanton, spokesman for the authority.
The bonds (Aa2/VMIG1/AA/A-1+/AA/F1+) were sold through lead manager Merrill Lynch & Co. and are due Dec. 1, 2034.
The initial rate on the bonds is 0.9%, Stanton said, and the rate resets weekly.
The sale is part of a $785 million sale of bonds for Trinity Health Credit Group.
Proceeds will be used to construct and equip health care facilities in California, Indiana and Michigan, as well as to refund existing obligations.
| Issuer: | Michigan State Hospital Authority/Trinity Health Credit Group
|
| Issue: | Series 2008C variable-rate refunding revenue bonds
|
| Amount: | $391.47 million
|
| Type: | Negotiated
|
| Maturity: | Dec. 1, 2034
|
| Coupon: | 0.9%
|
| Price: | Par
|
| Underwriter: | Merrill Lynch & Co.
|
| Ratings: | Moody's: Aa2/VMIG1
|
| Standard & Poor's: AA/A-1+
|
| Fitch: AA/F1+
|
| Pricing date: | Nov. 12
|
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