Washington’s state conduit issuer for hospitals has issued a waiver that would allow Central Washington Hospital to issue bonds without attaining a minimum single-A credit rating, the Wenatchee World newspaper reported this week.

The nonprofit hospital is planning a $125 million bond issue for new construction, equipment acquisition, and the possible refinancing of existing debt, according to the documents posted by the conduit issuer, the Washington Health Care Facilities Authority.

Hospital officials told the newspaper that it is the first organization in 30 years to receive such a waiver from the authority. Chief financial officer John Hamilton said no rating had been issued yet.

Merrill Lynch & Co. is slated to underwrite the deal.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.