By Cristal Cody
Springdale, Ark., March 27 - Advocate Health Care Network in Illinois priced $153.43 million of variable-rate bonds with a 1.9% initial interest rate on Thursday, the issuer told Prospect News.
The series 2008A1, A2 and A3 bonds (Aa3//AA) are annual put bonds that will be remarketed once a year, said Dominic Nakis, chief financial officer of Advocate Health Care.
The bonds will be remarketed Jan. 15, 2009, April 1, 2009 and Feb. 5, 2009, he said.
The bonds priced through the Illinois Finance Authority.
Citigroup Global Markets was the senior manager, and co-managers were Loop Capital Markets and Cabrera Capital Markets.
The proceeds will be used to refund Advocate's auction-rate bonds, including series 2005A and 2005B bonds and series 2007A and 2007B bonds.
| Issuer: | Advocate Health Care Network/ Illinois Finance Authority
|
| Issue: | Series 2008A1, A2 and A3 variable-rate put bonds
|
| Amount: | $153.43 million
|
| Type: | Negotiated
|
| Interest rate: | 1.9%
|
| Set: | Annually
|
| Maturity: | July 1, 2035
|
| Remarketing dates: | Jan. 15, 2009, April 1, 2009 and Feb. 5, 2009
|
| Underwriter: | Citigroup Global Markets (lead)
|
| Ratings: | Moody's: Aa3
|
| Fitch: AA
|
| Pricing date: | March 27
|
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