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Maryland Health tenders for series 2008E University of Maryland bonds
By Devika Patel
Knoxville, Tenn., Feb. 25 - The Maryland Health & Higher Educational Facilities Authority said that all of its series 2008E University of Maryland Medical System revenue bonds are subject to a mandatory tender at par plus interest to, but excluding, the purchase date of March 11.
The tender is required because the letter of credit securing the bonds, which was issued by SunTrust Bank, is being terminated and substituted with a new letter of credit to be issued by Bank of Montreal. After this, the bonds' ratings will be based on those of the Bank of Montreal, rather than those of SunTrust.
Manufacturers and Traders Trust Co. is the trustee.
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