University of Maryland Medical System to price $165.495 million in revenue bonds

By Sheri Kasprzak

New York, July 3 - The University of Maryland Medical System plans to price $165.495 million in series 2008 Maryland Health and Higher Educational Facilities Authority revenue bonds, a source at the issuer said Thursday afternoon.

The sale includes $88.2 million in series 2008F fixed-rate health care revenue bonds, which are set to price the week of July 7. The sale also includes $40.705 million in series 2008G variable-rate revenue bonds and $37.04 million in series 2008H variable-rate revenue bonds, which are scheduled to price the week of July 28. No exact pricing dates have been set at this time, said the source, because the issuer is still feeling out market conditions.

The bonds (A3//A) will be sold on a negotiated basis with JPMorgan as the lead manager and Banc of America Securities as the co-manager.

Proceeds will be used to refund the system's series 2004A variable-rate demand bonds, as well as to refund the system's series 2004C and 2004D insured auction-rate securities.

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