Ascension Health plans to price $326.225 million revenue bonds in exchange for series 2003 bonds

By Cristal Cody

Springdale, Ark., March 20 - Ascension Health in St. Louis plans to price $326.225 million of revenue bonds, according to a preliminary official statement.

The series 2008 bonds (Aa1/AA/AA+) will bear interest at a long-term interest rate.

Ascension Health, the nation's largest nonprofit Catholic health system, plans to price $102.05 million series 2008C bonds for the Health and Educational Facilities Authority of Missouri. The bonds will be issued on April 23, according to the statement released Wednesday.

The health group also plans to price $224.175 million series 2008E Indiana Finance Authority revenue bonds. Varying principal amounts will be issued on April 11, April 18 and May 9.

Each of the series 2008 bonds will be issued in exchange for a correlating number of series 2003 bonds from the Missouri and Indiana issuers. The exchange will occur on the date of issuance, and the series 2003 bonds will be cancelled.

Citigroup Global Markets and Morgan Stanley are the underwriters.

Additional information was not available. The hospital's non-medical offices are closed for the Good Friday holiday.

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