William Beaumont Hospital, Mich., trims revenue and refunding bonds to $169.6 million

By Sheri Kasprzak

New York, Nov. 26 - The William Beaumont Hospital in Michigan has reduced the size of its previously announced $583.72 million sale of series 2008V fixed-rate and series 2008W term-rate revenue and refunding bonds to $169.595 million, according to a preliminary official statement released Wednesday. The bonds will be sold through the City of Royal Oak Hospital Finance Authority.

The sale was announced before September but has been delayed due to market conditions.

The bonds (A1/A/A) will be sold through lead manager Morgan Stanley & Co. Inc. with Goldman, Sachs & Co. and Banc of America Securities LLC as the co-managers.

Proceeds will be used for construction and renovation costs, to refund outstanding bonds and to make termination payments under interest-rate hedge agreements for the refunded bonds.

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