Washington Health Care to price $176 million Providence Health bonds

By Sheri Kasprzak

New York, June 11 - The Washington Health Care Facilities Authority is expected to price $176 million in series 2010A revenue bonds for Providence Health & Services, according to a preliminary official statement.

The bonds (Aa2/AA/AA) will be sold on a negotiated basis with Bank of America Merrill Lynch as the senior manager. The co-managers are Goldman Sachs & Co. and Morgan Stanley & Co. Inc.

The maturities have not been set.

Proceeds from the sale will be used to finance the construction of a 12-story health care facility to expand the health care system's Everett, Wash., site.

The authority, based in Olympia, Wash., provides financing for health care projects throughout the state. The health care system is based in Renton, Wash., and is a nonprofit organization that establishes and operates hospitals, clinics and other health care facilities.

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