Milwaukee (8/17/2009) - Children's Hospital of Wisconsin announced today that it will issue $152.3 million of federal tax-exempt bonds beginning Wednesday, Aug. 19. Community residents and other interested investors will have the opportunity to purchase the bonds. Goldman, Sachs & Co. and Robert W. Baird & Co. are co-underwriters of the offering.
The new bonds will convert the hospital's previously issued variable-rate bonds to stable fixed-rate bonds. The variable-rate bonds were used in part to finance Children's Hospital's west tower expansion, which opened in March.
The new bonds, which carry an Aa3 rating by Moody's Investors Service and an AA- rating by Standard & Poor's, will have a maturity of 20 years and will be sold in increments of $5,000. The bond will provide investors with a fixed-income security that maximizes after-tax income since the interest earned is exempt from federal tax. Investors interested in purchasing the bonds should contact their financial advisor.
Children's Hospital of Wisconsin, founded in 1894, is recognized as one of the leading pediatric health care centers in the United States. It is rated No. 3 in the nation by Parents magazine and named one of America's Best Children's Hospitals by U.S.News & World Report. Children's Hospital of Wisconsin is a Level I Pediatric Trauma Center verified by the American College of Surgeons. The hospital has been redesignated a Magnet hospital by the American Nurses Credentialing Center, a national honor that recognizes nursing excellence. Children's Hospital is the flagship member of Children's Hospital and Health System. The health system is able to fulfill its mission thanks in part to philanthropic gifts and support from members of the community. Private, independent and not-for-profit, the hospital serves children and families from Wisconsin, the Upper Peninsula of Michigan, northern Illinois and beyond. For more information, visit the Web site at www.chw.org.