Essentia Health to price $293.495 million health care facilities variable-rate demand revenue bonds March 3

By Sheri Kasprzak

New York, Feb. 27 - Essentia Health of Wisconsin, North Dakota and Minnesota plans to price $293.495 million in health care facilities variable-rate demand revenue bonds, a source at the issuer said Wednesday.

The bonds (F1+/A-1+), are expected to price Monday and include $61.1 million in series 2008A bonds for Cass County, N.D., comprised of $30.55 million in series 2008A-1 bonds due 2037 that reset at the weekly rate and $30.55 million in series 2008A-2 bonds due 2037 that reset at the weekly rate.

The offering also includes $12.975 million in series 2008B-1Wisconsin Health and Educational Facilities Authority health care facilities variable-rate demand revenue bonds, which are due 2030 and reset at the weekly rate.

Also included is $219.42 million in series 2008C Minnesota Agricultural and Economic Development Board health care facilities variable-rate demand revenue bonds. Those bonds are comprised of $40.65 million in series 2008C-3 bonds due 2032, which reset at the daily rate; $123.255 million in series 2008C-4A bonds due 2030, which reset at the daily rate; $15.25 million in 2008C-4B bonds due 2020, which reset at the daily rate; and $40.295 million in series 2008C-5 in taxable convertible bonds due 2017, which reset at the weekly rate.

Goldman, Sachs & Co. is the remarketing agent for the series 2008A-1 North Dakota bonds, the series 2008C-3 Minnesota bonds and the series 2008C-5 Minnesota bonds. Piper Jaffray is the remarketing agent for the rest of the bonds.

The North Dakota bonds will be used to refinance a portion of acquisition costs of assets from Dakota Clinic, Dakota Specialty Institute and Medical Properties Inc.

The Wisconsin bonds will be used to equip and improve facilities owned by Essentia and to refund a portion of series 1999B Wisconsin Health and Educational Facilities Authority health care revenue bonds.

The Minnesota bonds will be used to refund series 1999A Minnesota Agricultural and Economic Development Board health care revenue bonds and to refund 1999B Duluth Economic Development Authority health care revenue bonds.

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