Wisconsin Health & Educational Facilities to convert auction-rate bonds

By Sheri Kasprzak

New York, March 7 - Wisconsin Health & Educational Facilities Authority intends to convert its series 2007-3 variable-rate revenue bonds sold for Children's Hospital of Wisconsin on March 26, a notice of conversion said Friday.

If the conversion fails, the auction agent will continue to implement auction procedures on the auction dates and interest shall continue at the periodic reset auctions rate, but the rate borne by the bonds during the auction period after a failed conversion will be the maximum rate and the auction period will be a seven-day period, the notice said.

The bonds were sold in 2007 and are due in August 2028.

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