Cottage Health, Calif., to price $100 million bonds week of Sept. 15

By Sheri Kasprzak

New York, Sept. 10 - The Cottage Health System in California plans to sell $100 million in series 2008A and 2008B variable-rate revenue bonds the week of Sept. 15, according to a preliminary official statement issued on Wednesday. The bonds will be sold through the California Statewide Communities Development Authority.

The bonds (/A+/AA-) will be sold on a negotiated basis with Morgan Stanley as the senior manager.

The sale includes $50 million in series 2008A bonds and $50 million in series 2008B bonds. Both are due Nov. 1, 2036.

Proceeds will be used for the demolition of existing space at the Santa Barbara Cottage Hospital and the construction of new medical facilities.

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