California Statewide Communities Development Authority plans to convert $656.98 million revenue bonds

By Cristal Cody

Springdale, Ark., March 11 - The California Statewide Communities Development Authority plans to convert $656.98 million auction-rate bonds for the St. Joseph Health System in late March.

The series 2000 insured revenue bonds (Aaa/AAA/-) will be converted to a long-term rate, according to a preliminary reoffering circular.

The $85.95 million series 2000 term bond due 2018 and insured by Financial Security Assurance will convert on March 25.

The $76.475 million series 2000 term bond due 2024 and insured by MBIA Insurance Corp. will convert on March 27.

The authority also plans to convert $494.55 million series 2007 A, B, C, D, E and F bonds to a long-term rate.

Series 2007 A and B term bonds due 2047 will convert on March 25.

Series 2007 C term bonds due 2047, and series 2007 F serial bonds due July 1, 2008, through July 1, 2021, will convert on March 27.

Series 2007 D and E term bonds due 2047 will convert on March 24.

Financial Guaranty Insurance Co. insures series A, B and C bonds (Aa3/AA-/-).

Series D, E and F bonds (Aaa/AAA/-) are insured by Financial Security Assurance.

Morgan Stanley is the remarketing agent.

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