ProMedica to sell $145.24 million hospital refunding revenue bonds

By Sheri Kasprzak

New York, Nov. 8 - The ProMedica Health Care Obligated Group is expected to price $145.24 million of series 2011 hospital refunding revenue bonds, according to a preliminary official statement.

The bonds (Aa3/AA-/) will be sold on a negotiated basis with Barclays Capital Inc. and Wells Fargo Securities LLC as the senior managers.

The deal includes $136.34 million of series 2011D bonds offered through Lucas County, Ohio, and $8.9 million of series 2011E bonds offered through the County of Lenawee Hospital Finance Authority of Michigan.

The 2011D bonds are due 2012 to 2026 with a 2030 term bond, and the 2011E bonds are due 2012 to 2023 with a 2028 term bond.

Proceeds will be used to refund existing debt.

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