The Arizona Health Facilities Authority has approved the application of John C. Lincoln Health Network to issue $47,000,000 in hospital revenue bonds. Lincoln owns and operates two acute care hospitals, North Mountain (262 beds) and Deer Valley (103 beds) and an extended care facility, Bryans Extended Care Center (155 beds).

Lincoln proposes to use the funds for purpose of acquiring various equipment, renovating existing facilities and expanding other healthcare facilities at the Deer Valley Hospital campus. The renovation and expansion of the Deer Valley facility will increase its bed capacity by a total of 43 beds.

The bonds will be a public offering to both retail and institutional buyers. The fixed interest rate is anticipated to be 6.25% with a 30-40 year maturity. The bonds will not be credit enhanced and will be rated BBB. Bondholders will receive a security interest in Lincoln's gross revenue fund, the debt wervice reserve fund and a mortgage on the facilities.

Institution Type:
Hospital

Bond Issue Date:
10/1/2002

Amount Financed:
25 Million - 50 Million

Interest Rate:
Fixed

Bond Denomination:
5,000

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