The Arizona Health Facilities Authority has approved an application from Banner Health for the issuance of $836M of the Authority's Revenue Bonds. Banner was formed in 1999 when Lutheran Health Systems acquired and assumed most of the assets and liabilities of Samaritan Health System.

Banner provides healthcare and related services in the greater Phoenix area, Northeastern Colorado and adjoining areas of Wyoming and Nebraska, Alaska, Kansas, California and Nevada. Banner owns and operates a number of healthcare facilities in the greater Phoenix area, including Good Samaritan Medical Center, Lutheran Heart Hospital, Banner Desert Medical Center, Mesa Lutheran Medical Center, Banner Thunderbird Medical Center, Valley Lutheran Medical Center and Banner Estrella Medical Center.

The proceeds of the bonds will be utilized to: 1)expand Banner Baywood Medical Center in Mesa, Arizona; 2) construct a new 165 bed facility in Gilbert, Arizona; 3) construct an ambulatory healthcare campus in Pinal County, Arizona; 4) expand and renovate Banner Desert Medical Center in Mesa, Arizona; 5) expand and renovate McKee Medical Center in Loveland, Colorado; 6) refinance taxable financing previously incurred by Banner; and 7) refinance tax-exempt financing incurred by Banner in 1999.

The bonds will be issued in multiple series, bearing interest at variable rates. The bonds will be insured by Financial Guaranty Insurance Company and MBIA Insurance Company.

Institution Type:
Hospital

Bond Issue Date:
5/1/2005

Amount Financed:
100 Million +

Interest Rate:
Variable

Bond Denomination:
100,000

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