Washington Health revises mandatory tender for Catholic Health bonds

By Tali Rackner

Norfolk, Va., April 17 – The Washington Health Care Facilities Authority revised the mandatory tender for its series 2013B-1 and B-2 Catholic Health Initiatives revenue bonds due Jan. 1, 2035, according to a notice.

The authority plans to convert $100 million of 2013B-1 bonds and $100 million of 2013B-2 bonds to FRN-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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