Kentucky Economic Development edits mandatory tender for 2011B Catholic Health bonds

By Tali Rackner

Norfolk, Va., April 16 – The Kentucky Economic Development Finance Authority revised the mandatory tender for its series 2011B-1, B-2 and B-3 Catholic Health Initiatives revenue bonds due Feb. 1, 2046, according to a notice.

The authority plans to convert $52.72 million of 2011B-1 bonds, $52.72 million of 2011B-2 bonds and $52,715,000 of 2011B-3 bonds to floating-rate hard put bonds from window variable-rate bonds.

The proposed conversion date is April 30. All bondholders must offer the bonds for mandatory tender by 1 p.m. ET on the conversion date.

If the conversion takes place, the bonds will be purchased at par plus accrued interest to, but excluding, the conversion date.

If it does not take place, the conversion and mandatory tender will not occur and the bonds will continue to bear interest at a window variable rate.

Wells Fargo Bank, NA is the bond trustee and tender agent.

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