Royal Oak Hospital Finance, Mich., to sell $450 million refunding debt

By Sheri Kasprzak

New York, April 22 - The Royal Oak Hospital Finance Authority of Michigan is set to price $450 million of series 2014D hospital revenue refunding bonds for William Beaumont Hospital Obligated Group, according to a preliminary official statement.

The bonds (A1/A/) will be sold on a negotiated basis with Morgan Stanley & Co. LLC as the senior manager. The co-managers are J.P. Morgan Securities LLC and PNC Capital Markets LLC.

The maturities have not been set.

Proceeds will be used to advance refund existing revenue bonds sold for the obligated group.

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