New Issue: Advocate Health Care Network, Ill., sells $180 million bonds to yield 1.5%-6.75%

By Sheri Kasprzak

New York, Nov. 14 - The Advocate Health Care Network in Illinois sold $180 million in series 2008D revenue bonds, according to an official statement released Friday. The bonds were sold through the Illinois Finance Authority.

The bonds (Aa3/AA/AA) were sold on a negotiated basis with Citigroup Global Markets as the lead manager. Loop Capital Markets and Cabrera Capital Markets were the co-managers.

The bonds are due from 2009 to 2016 with term bonds due 2018, 2023, 2028 and 2038. The serials have coupons from 4% to 5.25% with yields from 1.5% to 5.33%. The 2018 bonds have a 5.5% coupon to yield 5.65%, the 2023 bonds have a 6.125% coupon to yield 6.33% and the 2028 bonds have a 6.25% coupon to yield 6.53%. The 2038 bonds have a 6.5% coupon to yield 6.75%.

Proceeds will be used to pay costs associated with the purchase of Advocate Condell Medical Center.

Issuer:	Advocate Health Care Network/Illinois Finance Authority
Issue:	Series 2008D revenue bonds
Amount:	$180 million
Type:	Negotiated
Underwriters:	Citigroup Global Markets (lead); Loop Capital Markets and Cabrera Capital Markets (co-managers)
Ratings:	Moody's: Aa3
	Standard & Poor's: AA
	Fitch: AA
Pricing date:	Nov. 7
Settlement date:	Dec. 1
Maturity	Type	Coupon	Yield
2009	Serial	4%	1.50%
2010	Serial	5%	3.93%
2011	Serial	4%	4.20%
2012	Serial	4.25%	4.53%
2013	Serial	4.5%	4.75%
2014	Serial	5%	4.93%
2015	Serial	5%	5.14%
2016	Serial	5.25%	5.33%
2018	Term	5.5%	5.65%
2023	Term	6.125%	6.33%
2028	Term	6.25%	6.53%
2038	Term	6.5%	6.75%

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