Reading Hospital, Pa., plans to bid on $110 million auction-rate bonds

By Cristal Cody

Springdale, Ark., April 11 - The Reading Hospital and Medical Center in Pennsylvania intends to bid on $110 million of variable-rate bonds in auctions next week.

The medical center will bid on $50 million series 2005A3 bonds in the upcoming auction on Tuesday.

In the March 11 auction, $22.125 million of the bonds available for sale received a low bid of 3.5% and a high bid of 10%.

The center also plans to bid on $60 million series 2005A1 bonds in the auction on Wednesday.

The bonds had a low bid of 4% and a high bid of 10% in the March 12 auction.

Reading expects to bid at an annual rate of interest equal to Sifma plus 75 basis points.

The bonds priced through the Berks County Municipal Authority.

Bear, Stearns & Co. is the broker dealer.

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