Chester County Health and Education, Pa., to price $355 million bonds for Jefferson Health System

By Sheri Kasprzak

New York, June 16 - The Chester County Health and Education Facilities Authority and the Hospitals and Higher Education Facilities Authority of Philadelphia plan to price $355 million in series 2010 health system revenue bonds for Jefferson Health System, according to a preliminary official statement.

The Chester County authority is expected to price $165 million in series 2010A bonds, and the Philadelphia authority is expected to price $190 million in series 2010B bonds.

The 2010A bonds are due 2011 to 2020 with term bonds due 2030, 2035 and 2040. The 2010B bonds are due 2011 to 2020 with term bonds due 2030, 2035 and 2040.

The bonds (Aa3/AA/AA) will be sold on a negotiated basis. The senior manager is Citigroup Global Markets Inc. The co-managers are J.P. Morgan Securities Inc.; Bank of America Merrill Lynch; Goldman, Sachs & Co.; RBC Capital Markets Corp.; and Wells Fargo Securities Inc.

Proceeds will be used to finance an addition to and improvements to the system's Paoli Hospital. The remainder will be used to refund existing debt.

The Chester County authority, based in West Chester, Pa., provides funding for educational and health care projects. The Philadelphia authority also provides funding for educational and health care projects.

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