Michigan Finance plans $108.94 million sale of Trinity Health bonds

By Sheri Kasprzak

New York, April 16 - The Michigan Finance Authority is expected to price $108.94 million of series 2012MI hospital revenue refunding bonds for the Trinity Health Credit Group, according to a preliminary official statement.

The bonds (Aa2/AA/AA) will be sold on a negotiated basis with Bank of America Merrill Lynch and Goldman, Sachs & Co. as the senior managers. The co-managers are BMO Capital Markets, J.P. Morgan Securities LLC and Wells Fargo Securities LLC.

The maturity dates have not been set.

Proceeds will be used to refund the authority's series 2008C and 2009B-C revenue bonds issued for Novi, Mich.-based Trinity Health.

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