TITLE

Michigan's Beaumont Hospital to Sell $82 Million of Auction-Rates

AUTHOR(S)
Carvlin, Elizabeth
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/13/2003, Vol. 344 Issue 31634, p32
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
William Beaumont Hospital, located in the Michigan's Detroit area's highly competitive health care market, is planning to sell 82 million dollars worth of insured auction-rate hospital revenue notes in the first of two such sales the system has planned for 2003. Its debt is issued by the Royal Oak Hospital Finance Authority. The hospital faces challenges in the next several years that may prevent the cash flow growth officials had anticipated from materializing. The hospital, which had operating revenue of 284 million dollars in fiscal 2002, plans to issue 35 million dollars worth of revenue bonds through the Flint Hospital Building Authority, about 23.5 million dollars of which will refund outstanding debt.
ACCESSION #
9893088

 

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