Fletcher Allen Health Care plans to price $50 million variable-rate revenue refunding bonds

By Cristal Cody

Springdale, Ark., May 2 - Fletcher Allen Health Care plans to price $50 million of variable-rate revenue refunding bonds and reoffer $163.225 million of revenue bonds, according to a preliminary official statement.

The series 2008A bonds (Baa1/BBB/BBB+) will price with a weekly interest rate through the Vermont Educational and Health Buildings Financing Agency. The bonds mature Dec. 1, 2030.

Fletcher Allen also plans to reoffer the series 2004B auction rate revenue bonds, which will be converted to a long-term interest rate.

The series 2004B bonds (Aaa/AAA/AAA) are insured by Financial Security Assurance.

Citigroup Global Markets is the manager of the negotiated sale and the reoffering agent.

Proceeds will be used to refund Fletcher Allen Health Care's $50 million of series 2000B variable-rate revenue bonds and the conversion costs of the series 2004B bonds.

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