Flint, Mich.'s McLaren Health Lines Up $l00M Sale, Swap

Carvlin, Elizabeth
January 2005
Bond Buyer;1/26/2005, Vol. 351 Issue 32057, p30
Trade Publication
This article reports that McLaren Health Care Corp. will on February 7, 2005 sell $100 million of revenue refunding bonds to be sold through the Michigan State Hospital Finance Authority using an indexed put structure that allows the system to obtain lower rates and defease outstanding debt issued under an old Master Trust Indenture. After the sale, McLaren will swap all of the bonds for a synthetic fixed rate, said Charles Lee, a banker with Citigroup Global Markets Inc., the underwriter on the deal. The index put bond structure was one interest-rate option that was allowed under the indenture.


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