Royal Oak Hospital to bring $583.72 million revenue and refunding bonds for Beaumont Hospital

By Cristal Cody

Tupelo, Miss., Sept. 10 - The City of Royal Oak Hospital Finance Authority in Michigan intends to price $583.72 million revenue and refunding bonds (A1/A/A+) for the William Beaumont Hospital, according to a preliminary official statement.

The sale includes the series 2008V fixed-rate and series 2008W term-rate bonds.

Morgan Stanley is the senior manager of the negotiated sale. Goldman, Sachs & Co. and Banc of America Securities LLC are co-managers.

Proceeds will be used for construction and renovation costs, to refund outstanding bonds and to pay termination payments made under interest rate hedge agreements for the refunded bonds.

The hospital plans to refund the $48.675 million series 2001N revenue refunding bonds, $31.275 million series 2001O revenue refunding bonds, $82.675 million series 2003P revenue bonds, $47.4 million series 2003Q revenue refunding bonds and $206.1 million series 2006R and 2006S revenue bonds and series 2006YT revenue and refunding bonds.

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