Melio & Company advised The University of Pittsburgh Medical Center on the issuance of $50 million of variable rate bonds.
In March 2010, the Allegheny County Hospital Development Authority issued $50,000,000 of Series 2010C variable rate bonds backed by letters of credit from PNC Bank. The bonds were underwritten by PNC Capital Markets LLC.
The proceeds from the sale of the 2010C Bonds will be used for (i) the refunding of all or a portion of the principal of various tax-exempt bonds previously issued by the Authority for the benefit of the Corporation or one of the Subsidiary Hospitals, and (ii) the payment of all or a portion of the costs of issuing the 2010C Bonds.
The 2010C Bonds were be issued concurrently with the Authority’s University of Pittsburgh Medical Center Revenue Bonds, Series 2010A, Series 2010B, Series 2010D, Series 2010F, and the Pennsylvania Higher Educational Facilities Authority’s University of Pittsburgh Medical Center Revenue Bonds, Series 2010E (collectively with the 2010C Bonds, the “Series 2010 Bonds”) in order to refund approximately $1.1 billion aggregate principal amount of tax-exempt bonds previously issued for the benefit of the Corporation or one of the Subsidiary Hospitals. In conjunction with the issuance of the Series 2010 Bonds, the Corporation also terminated certain of its derivatives contracts.