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Novant Health to offer $286.1 million of revenue and revenue refunding bonds
By Cristal Cody
Tupelo, Miss., April 5 - Novant Health, Inc. of North Carolina plans to raise $286.1 million through an offering of bonds (A1/A+/AA-) that will be issued by the North Carolina Medical Care Commission and the Industrial Development Authority of the County of Prince William, according to a preliminary official statement.
The North Carolina Medical Care Commission will sell $146.68 million of series 2013A revenue and revenue refunding bonds.
The Industrial Development Authority of the County of Prince William will offer $139.42 million of series 2013B revenue and revenue refunding bonds.
Both tranches have serial maturities from Nov. 1, 2013 through Nov. 1, 2020 and terms due 2033, 2038, 2043 and 2046.
J.P. Morgan Securities Inc. is the senior manager of the negotiated sale. Co-managers are BofA Merrill Lynch, BB&T Capital Markets and Wells Fargo Securities LLC.
Proceeds will be used to finance the cost of additional health care facilities, refund certain bonds and refinance debt.
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