Correction -- Fitch Rts Wisconsin HEFA (Aurora Health Care) Ser 06 A-C 'A+/F1+'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of & CHICAGO -- (This is a revised version Revised Version n. A British and American revision of the King James Version of the Bible, completed in 1885. Revised Version Noun of a press release issued on March 24 and contains amended information on the remarketing agent for the series 2006C bonds.) Fitch assigns a rating of 'A+/F1+' to the $150,000,000 Wisconsin Health and Educational Facilities Authority revenue bonds (Aurora Health Care Aurora Health Care is a not-for-profit health care system located in eastern Wisconsin and headquartered in Milwaukee. The system has 13 hospitals, over 100 clinics, and more than 140 community pharmacies. , Inc.) consisting of the following: --$50,000,000 series 2006A; --$50,000,000 series 2006B; --$50,000,000 series 2006C. The ratings are based on the three separate irrevocable, direct-pay letters of credit (LOCs) provided by M&I Marshall & Ilsley Bank. The LOCs provide full coverage of principal, interest equal to 44 days calculated at a maximum rate of 10% based on a year of 365 days, and purchase price for tendered bonds. The series 2006A and 2006C bonds initially bear interest in the daily rate mode while the 2006B bonds initially bear interest in the weekly rate mode. Each series of bonds may be converted to an R-Floats, unit pricing, term, indexed, stepped coupon, auction, or fixed interest rate mode. While bonds bear interest in the daily and weekly interest rate modes, interest is payable on the first business day of each month, commencing May 1, 2006. Bondholders may tender their bonds for purchase on any business day with the required notice delivered to the trustee. The bonds are subject to mandatory tender on (i) any mode change date, (ii) the second business day preceding the expiation ex·pi·a·tion n. 1. The act of expiating; atonement. 2. A means of expiating. ex or termination date termination date, n See expiration date. of the series LOC LOC - lines of code , (iii) the series LOC substitution date, (unless rating confirmation is received), (iv) the second business day following the trustee's receipt of notice from the bank of non-reinstatement of the interest component of the series LOC following an interest drawing, and (v) the second business day following the trustee's receipt of notice from the bank of an event of default under the reimbursement agreement. Optional redemption provisions also apply to the bonds. The remarketing agent for the series 2006A and 2006B bonds is Merrill Lynch, Pierce, Fenner & Smith Incorporated. The remarketing agent for the series 2006C bonds is Piper Jaffray & Co. The bonds are expected to be delivered on or about April 6, 2006. Bond proceeds will be used to construct, renovate, and equip certain health care facilities of Aurora Health Care, Inc. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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