Tax-exempt healthcare debt issued in the second quarter totaled almost $4.4 billion, down from nearly $5 billion in the second quarter of 2001, according to Thomson Financial Securities Data, Newark, N.J. That still exceeded activity of the second quarter of 2000, when there were 74 issues worth $4.17 billion. The leading issuer was Kaiser Permanente, Oakland, Calif., which sold $500 million of bonds to finance capital projects. Of the total debt, 74.6% was new financing, while 13.4% refunded existing debt and 12% was a combination. Some $1.2 billion was insured, while $562 million was backed by a bank letter of credit. Morgan Stanley was the lead underwriter in the quarter, with six issues totaling $901 million. Orrick, Herrington & Sutcliffe was the top bond counsel, with five issues totaling $849 million. -- by Mary Chris Jaklevic
Tax-exempt healthcare issues drop from year ago
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.