Miami Valley Hospital in Montgomery County plans to issue $70 million of fixed-rate revenue bonds this week, followed by another $180 million of variable-rate bonds, to refund some of its debt and finance capital expenditures.
An 848-bed acute care hospital located in Dayton, MVH is owned by MedAmerica. Both MedAmerica and Miami Valley Hospital are members of the obligated group.
Proceeds of the issue will finance construction of a 12-story patient tower and refinance some of outstanding debt issued in 1998 and 2003. As part of its financial plan, the hospital plans to sell $180 million of variable-rate bonds in one or more series later this year.
Moody’s Investors Service assigned a Aa3 rating to the $70 million issue with a negative outlook. Fitch Ratings rates the hospital’s debt AA-minus.
Merrill Lynch & Co. and Goldman, Sachs & Co. are underwriting the transaction. Montgomery County is acting as conduit issuer.
