The Arizona Health Facilities Authority has approved the application of Northern Arizona Healthcare to issue $34,450,000 of the Authority's Hospital Revenue Bonds. Northern Arizona Healthcare owns and operates Flagstaff Medical Center, Verde Valley Medical Center and Sedona Medical Center. NAH and it's affiliates offer a broad range of clinical programs to the residents of Northern Arizona, these include the two inpatient hospitals and their related services as well as emergency care, outpatient services and emergency transport services.

NAH will utilize the funds to finance four major components. These include a 51,000 square foot operating room tower and a 10,000 square foot materials management/distribution center on the Flagstaff Medical Center campus, a 8,800 square foot hangar and administrative building at the Pulliam airport, and 7,100 square foot administrative building in West Flagstaff.

The Bonds will be sold through a public offering managed by Bear, Stearns & Co., Inc. The financing will utilize variable rate securities with a Dutch Auction interest rate re-set mechanism. The bonds will be Ambac insured and be rated AAA/Aaa.

Institution Type:
Hospital

Bond Issue Date:
10/1/2002

Amount Financed:
25 Million - 50 Million

Interest Rate:
Variable

Bond Denomination:
5,000

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