By Cristal Cody
Springdale, Ark., April 21 - BJC Health System in Missouri priced $368.575 million variable-rate demand bonds with initial rates from 2.3% to 2.35% on Monday, a source said.
The series 2008 A-E bonds (Aa2/AA/) priced with an initial weekly rate through the Missouri Health and Educational Facilities Authority.
The sale includes $81.2 million series 2008A; $81.2 million series 2008B; $81.175 million series 2008C; $75 million series 2008D and $50 million series 2008E bonds.
The bonds mature May 15, 2038.
J.P. Morgan Securities Inc. was the senior manager, and Morgan Stanley was the co-manager of the negotiated sale.
Proceeds from the series 2008A, B and C bonds will be used to refund a bridge loan that was used to redeem the series 2006A, B and C bonds. Proceeds from the series 2008D and E bonds will be used to fund $124 million of new projects in 2008 and 2009.
| Issuer: | BJC Health System/Missouri Health and Educational Facilities Authority
|
| Issue: | Variable-rate demand bonds
|
| Amount: | $368.575 million
|
| Type: | Negotiated
|
| Initial rates: | 2.3% to 2.35%
|
| Set: | Weekly
|
| Maturity: | May 15, 2038
|
| Underwriter: | J.P. Morgan Securities Inc. (lead)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | April 21
|
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