Children's Hospital of Philadelphia to price $170 million hospital revenue bonds

By Sheri Kasprzak

New York, June 18 - The Children's Hospital of Philadelphia plans to price $170 million in series 2008 hospital revenue bonds, according to a preliminary official statement.

The bonds will be sold through the Hospitals and Higher Education Facilities Authority of Philadelphia. JPMorgan is the senior manager for the negotiated deal.

The sale includes $65 million in series 2008A bonds, $65 million in series 2008B bonds and $40 million in series 2008C bonds. The 2008A and 2008B bonds are due July 1, 2031, and the 2008C bonds are due July 1, 2032.

The variable-rate bonds initially bear interest at the daily rate but may be converted to the weekly, variable-term or term-rate modes.

The bonds (Aa2/VMIG1/AA/A-1+/) will be used to refinance two term notes and to refund the hospital's outstanding series 2002C, series 2002D and series 2002E bonds.

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