Iowa Health System to price $150 million variable-rate demand health facilities revenue bonds May 20

By Sheri Kasprzak

New York, May 12 - The Iowa Health System plans to sell $150 million in series 2008A variable-rate demand health facilities revenue bonds on May 20, the issuer said Monday.

The bonds (Aa3//AA-) will be sold on a negotiated basis with Citigroup Global Markets as the lead manager. The bonds will be sold through the Iowa Finance Authority.

The sale includes $75 million each of series 2008A-1 bonds and 2008A-2 bonds.

Proceeds from the 2008A-1 bonds will be used to construct a 95-bed community hospital in West Des Moines. The rest will be used to finance expansion and renovation projects in other cities, as well as replace FGIC as the bond insurer on its series 2005A bonds with Assured Guaranty.

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