Wyoming Valley Health Care of Pennsylvania tenders for revenue bonds

By Jennifer Chiou

New York, Feb. 18 - Wyoming Valley Health Care System, Inc. announced the start of a tender offer for any and all of the $62.4 million total of Northeastern Pennsylvania Hospital and Education Authority series 1994A and series 1994B health care revenue bonds.

The $48.4 million of series 1994A term bonds are due Jan. 1, 2024, and the $14 million of series 1994B term bonds are due Jan. 23, 2024.

Holders must tender at least $10,000 of notes to participate.

The offer ends at 5 p.m. ET on March 20. Settlement is slated for March 31.

For each $1,000 principal amount, holders who tender will receive $760 for each of the series.

On Aug. 19, Wyoming Valley entered into a letter of intent to sell substantially all of its assets and those of its affiliates to Community Health Systems, Inc. It added that the sale price doesn't provide a sufficient amount to retire its outstanding debt, and Wyoming Valley must be able to retire a substantial potion of its debt at a discount for the transaction to be completed.

The information agent is Bondholder Communications Group LLC (888 385-2663 or 212 809-2663; nparker@bondcom.com). PNC Capital Markets LLC is the dealer manager.

Wyoming Valley Health Care is based in Wilkes-Barre, Pa.

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