Doylestown Hospital, Pa., to price $138.975 million revenue bonds Tuesday

By Sheri Kasprzak

New York, March 24 - Doylestown Hospital Authority of Pennsylvania plans to price $138.975 million in series 2008 bonds on Tuesday, according to a sellside source familiar with the sale.

The offering includes $63.975 million in series 2008A fixed-rate revenue bonds and $75 million in series 2008B variable-rate demand obligations.

The bonds will be sold on a negotiated basis through lead manager PNC Capital Markets.

The bonds were rated Baa1 by Moody's Investors Service on Monday.

The proceeds will be used to refund the authority's 1993 bonds, 1998B bonds and 1998C bonds; to refinance capital leases for equipment owned and used by Doylestown Hospital and to finance the cost of capital improvements and the acquisition of equipment for Doylestown Hospital, as well as to refinance an $11 million bank loan from PNC Bank.

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