Melio & Company advised The University of Pittsburgh Medical Center on the issuance of $334.305 million of fixed rate bonds.
In February 2010, the Pennsylvania Higher Educational Facilities Authority issued $334,305,000 of Series 2010E fixed rate bonds. The bonds were underwritten by PNC Capital Markets LLC, Bank of American Merrill Lynch, and RBC Capital Markets.
The proceeds from the sale of the 2010E 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 2010E Bonds.
The 2010E Bonds were issued concurrently with the Allegheny County Hospital Development Authority’s University of Pittsburgh Medical Center Revenue Bonds, Series 2010A, Series 2010B, Series 2010C, Series 2010D, and Series F (collectively with the 2010E 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.