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BOND OFFERING ANNOUNCED FOR WEST METRO AREA HEALTH CARE ORGANIZATIONS

 ST. LOUIS PARK, Minn., Sept. 10 /PRNewswire/ -- HealthSystem Minnesota, Methodist Hospital, Park Nicollet Medical Center and PNMC Holdings announce plans for approximately $220 million in tax exempt bonds the week of Sept. 13, 1993. The bonds will be Obligated Group Bonds issued by the City of St. Louis Park; about $93 million will be for Park Nicollet and $127 million will be for Methodist Hospital.
 Approximately $157 million of the total offering will be a refunding of existing debt to achieve lower interest rates. The balance will be used for future equipment acquisitions and projects.
 The municipal bonds will be exempt from both Minnesota State and Federal income taxes and insured by AMBAC, a municipal bond insurer. The bonds will have the highest investment grade credit rating -- AAA (S&P)/Aaa (Moody's). The bond offering will be managed by Dain Bosworth Incorporated and FBS Investment Services, Inc.
 HealthSystem Minnesota is the parent company for Methodist Hospital, Park Nicollet Medical Center, Methodist Hospital Foundation and HSM Associates. Methodist Hospital, a 426-bed acute care hospital in St. Louis Park, employs over 2,400 people with its 800-member physician staff. Park Nicollet Medical Center, one of the largest multispecialty group practices in the country, has nearly 2,000 staff supporting more than 365 physicians to provide care in 45 specialties and subspecialties at 19 Twin Cities locations.
 -0- 9/10/93
 /CONTACT: Lisa Graham-Peterson of Park Nicollet Medical Center, 612-927-3610 or Judy Brenner of Methodist Hospital, 612-932-6057/


CO: HealthSystem Minnesota; Methodist Hospital, Park Nicollet;
 PNMC Holdings ST: Minnesota IN: HEA SU: OFR


DS-PB -- MN009 -- 0769 09/10/93 13:12 EDT
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Publication:PR Newswire
Date:Sep 10, 1993
Words:268
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