New York City Health to sell $271.24 million health system bonds

By Sheri Kasprzak

New York, Aug. 5 - New York City Health and Hospitals Corp. plans to price $271.24 million in series 2008A health system bonds the week of Aug. 11, according to a preliminary official statement.

A sellside source connected to the deal said the exact pricing date will be determined based upon market conditions.

"We're holding off on giving an exact date," he said.

"We're basically looking at the market conditions and seeing when it looks best. It will most likely be some time during the Aug. 11 week."

The bonds (/A+/A) will be sold on a negotiated basis with Morgan Stanley and Citigroup Global Markets as the lead managers. The co-managers are Depfa First Albany; Goldman, Sachs & Co.; Jackson Securities; J.P. Morgan Securities Inc.; Lehman Brothers; Loop Capital Markets; Merrill Lynch; M.R. Beal & Co.; Ramirez & Co.; Raymond James & Associates; RBC Capital Markets; Roosevelt & Cross; Siebert Brandford Shank & Co.; and Wachovia Bank.

The maturities for the 2008A bonds have not been set at this time.

The sale is part of a $463 million offering that includes $191.76 million in series 2008B through 2008E bonds. The 2008B to 2008E bonds will be sold the week of Sept. 1.

Proceeds will be used to refund the corporation's series 2002B through 2002H auction- and variable-rate demand bonds and provide $100 million in funds for equipment acquisition.

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