Trinity Health Credit plans $275.56 million offering of revenue and revenue refunding bonds

By Sheri Kasprzak

New York, Oct. 4 - The Trinity Health Credit Group is expected to bring to market $257.56 million in a composite issue of revenue and revenue refunding bonds (Aa2/AA/AA), according to a preliminary official statement. Pricing is expected during the week of Oct. 11.

The offering includes $136.25 million in series 2010A revenue refunding bonds through the Michigan Finance Authority, $65.25 million in series 2010B revenue and refunding bonds through the Indiana Finance Authority, $25.415 million in series 2010C revenue and refunding bonds through Franklin County, Ohio, $27.86 million in series 2010D revenue bonds through the Idaho Health Facilities Authority and $20.785 million in series 2010E revenue bonds through the Hospital Facility Authority of the City of Ontario, Ore.

The maturities have not been set.

Bank of America Merrill Lynch and Goldman Sachs & Co. are the joint bookrunners.

Proceeds will be used to finance improvements to health care facilities operated by Trinity Health, as well as to refinance all or a portion of prior Michigan, Iowa, Indiana, California and Ohio bonds.

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