Harris County Cultural, Texas, arranges $427.31 million sale of Memorial Hermann Health bonds

By Sheri Kasprzak

New York, March 18 - The Harris County Cultural Education Facilities Finance Corp. of Texas plans to price $427.31 million of series 2013 hospital revenue refunding bonds for the Memorial Hermann Health System during the week of March 18, according to a preliminary official statement.

The deal includes $305,085,000 of series 2013A bonds and $122,225,000 of series 2013B bonds.

The bonds (A1/A+/) will be sold on a negotiated basis with J.P. Morgan Securities LLC and RBC Capital Markets LLC as the senior managers for the 2013A bonds and Wells Fargo Securities LLC and Citigroup Global Markets Inc. as the co-managers for the 2013A bonds. J.P. Morgan Securities is the underwriter for the 2013B bonds.

The maturities have not been set for the 2013A bonds. The 2013B bonds are due 2014 to 2024.

Proceeds will be used to refund the corporation's series 2004A and 2008B-C revenue bonds.

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