The West Virginia Hospital Finance Authority is expected to sell $68 million of variable-rate revenue bonds tomorrow on behalf of the West Virginia United Health System Obligated Group.
The authority sold $594 million of debt as the state’s largest issuer in 2008, according to Thomson Reuters.
The Series 2009A and B bonds are rated Aa2 and VMIG-1 by Moody’s Investors Service. Standard and Poor’s rates the bonds AA-minus and A1-plus.
The deal comprises $45.6 million of refunding revenue bonds and $22.4 million of new-money revenue bonds. The bonds will refinance current refunding bonds and fund and construction at United Health’s City Hospital in Martinsburg and Jefferson Memorial Hospital in Ranson.
BB&T Capital Markets will serve as underwriter and will provide a letter of credit. Spilman Thomas & Battle PLLC is bond counsel.