By Cristal Cody
Springdale, Ark., April 1 - OakBend Medical Center in Richmond, Texas, priced $75.5 million variable-rate hospital bonds with a 1% initial rate, the issuer said Tuesday.
The series 2008 bonds (A1/VMIG1) initially will bear interest in a daily rate mode, said chief financial officer Susan Carruth.
The bonds are due Dec. 1, 2038.
Morgan Keegan & Co. managed the negotiated sale.
Proceeds will be used for new construction and to refund old debt.
| Issuer: | OakBend Medical Center (Texas)
|
| Issue: | Variable-rate hospital bonds
|
| Amount: | $75.5 million
|
| Type: | Negotiated
|
| Initial rate: | 1%
|
| Set: | Daily
|
| Maturity: | Dec. 1, 2038
|
| Underwriter: | Morgan Keegan & Co.
|
| Rating: | Moody's: A1/VMIG1
|
| Pricing date: | March 31
|
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