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Mayo Clinic, Minn., plans to price $420 million revenue bonds, to convert $200 million bonds
By Cristal Cody
Springdale, Ark., April 4 - The Mayo Clinic expects to price $420 million health care facilities revenue bonds on Tuesday and to convert $200 million of bonds later this month, the issuer said Friday.
The Rochester, Minn., hospital intends to price $330 million series 2008A, B, C, D and E bonds and $90 million series 2008B bonds for Luther Hospital, said Todd Heather, investment operations manager for the Mayo Clinic.
The series 2008B bonds, which will price through the Wisconsin Health and Educational Facilities Authority, are guaranteed by the Mayo Clinic.
The Rochester bonds will price as $100 million series 2008A; $50 million series 2008B; $50 million series 2008C; $60 million series 2008D and $70 million series 2008E.
The series 2008A and B bonds will price with a weekly interest rate; series 2008C bonds will price with a money market municipal rate; and series 2008D and E bonds will price with a term rate.
The bonds mature Nov. 15, 2038.
The Wisconsin bonds mature Nov. 15, 2030 and will price with an initial term rate.
Lehman Brothers will manage the negotiated sale.
Proceeds will be used to improve facilities and acquire equipment at hospital operations and refund $225 million outstanding series 1998A and 1998B health care facilities revenue bonds. The bonds are expected to be redeemed on May 15.
The Mayo Clinic also plans to reoffer $200 million health care facilities revenue bonds. The bonds will be converted from an auction rate to a weekly interest rate.
The $70 million series 2002A revenue bonds, $65 million series 2002B and $65 million series 2002C bonds are due Aug. 15, 2032.
The series 2002A bonds will be converted on April 10, series 2002B bonds will be converted on April 16 and series 2002C bonds will be converted on April 18, Heather said.
Lehman Brothers is the reoffering agent.
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