The University of Pittsburgh Medical Center (UPMC) today announced the end-of-week results of a tender program for its auction rate bonds. The current turmoil in the auction rate bond market and resulting spike in interest rates prompted UPMC to offer to purchase certain of its auction bonds from investors at a price of 100.01 percent of the par amount on any business day up until March 19, 2008.
UPMC is pleased with the results of the tender program thus far. Most importantly, its clearing rate has dropped from double-digit levels to 5.35 percent last Thursday. UPMC is hoping for similar reductions in the auction scheduled for Wednesday. This auction is with Goldman Sachs as noted below.
Results of UPMC’s tender program will be announced regularly for the duration of the program, which is currently scheduled to expire on March 19.
Wednesday, February 27, 2008
| Broker Dealer | CUSIP | Issue Description | ||||
Goldman Sachs | 01728AYQ3 | $17,425,000 Allegheny County Hospital Authority, University of Pittsburgh Medical Center Revenue Bonds, Series 2003A |
Thursday, February 28, 2008
| Broker Dealer | CUSIP | Issue Description | ||||
| Goldman Sachs | 01728AXY7 | $15,900,000, Allegheny County Hospital Development Authority, UPMC Health System Revenue Bonds, Subseries 2002A-2 | ||||
Merrill Lynch | 01728AB54 | $32,100,000 Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center Revenue Bonds, Series 2004B-2 | ||||
Morgan Stanley | 70917NZX5 | $47,250,000 Pennsylvania Higher Educational Facilities Authority, University of Pittsburgh Medical Center Revenue Bonds, Subseries 2003C-1 | ||||
| UBS | 01728AF84 | $25,050,000, Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center Revenue Bonds, Subseries 2007A-3 |
Contacts:
Wendy Zellner or Frank
Raczkiewicz, 412-647-3555
ZellnerWL@upmc.edu
RaczkiewiczFA@upmc.edu
