PNC Capital Markets, a member of The PNC Financial Services Group, Inc. (NYSE: PNC), announced today the successful sale of two tax-exempt municipal bond issues totaling more than $29 million for Presbyterian Homes, Inc., a not-for-profit owner and operator of long-term healthcare facilities based in Camp Hill, Pa.
Proceeds from the sale of these bond issues will be used to refinance outstanding revenue bonds and for a variety of capital improvements, such as renovations and additions, at seven facilities located in Pennsylvania:
The Easton Home Easton
Forest Park Health Center Carlisle
Green Ride Village Newville
St. Andrew's Village Indiana
Sycamore Manor Health Center Montoursville
Ware Presbyterian Village Oxford
Westminister Village Allentown
Payment of the principal and interest of the first bond issue, the Series 2003A Bonds, was insured by Radian Asset Assurance Inc., and the issue was assigned a rating of "AA" by Standard & Poor's. The second issue, the Series 2003B Bonds, was backed by a letter of credit from KBC Bank.
"We're proud to continue PNC's long history of guiding our clients and securing attractive rates on municipal bonds for healthcare providers, like Presbyterian Homes, that have a positive influence in our communities," said Linda Eremita, manager of the Public Finance unit of PNC Capital Markets.
In 2002, PNC Capital Markets was ranked No. 1 among Pennsylvania-based underwriters of long-term municipal bonds, according to Thomson Financial Services Data.
Presbyterian Homes, Inc., headquartered in Camp Hill, is a Pennsylvania not-for-profit corporation. Incorporated in 1997, Presbyterian Homes, Inc. is a controlled subsidiary of PHI ("PHI"), also a Pennsylvania not-for-profit corporation. The corporation presently owns and operates long-term healthcare facilities in Belmont County, Ohio; Kent County, Delaware; and the Pennsylvania counties of Chester, Cumberland, Indiana, Lehigh, Lycoming and Northampton. Presbyterian Homes provides services to more than 4,000 senior residents each year.
PNC Capital Markets is the marketing name used for the investment banking and capital markets activities conducted by The PNC Financial Services Group, Inc. through its subsidiaries PNC Bank, National Association, and PNC Capital Markets, Inc. PNC Capital Markets, Inc., an indirect wholly-owned subsidiary of The PNC Financial Services Group, Inc., is a registered broker-dealer, is a member of the NASD, is not a bank, and is a distinct legal entity from PNC Bank, National Association. Public finance, asset securitizations, corporate debt underwritings, private placements, mergers and acquisitions advisory services and the arrangement of loan syndications are conducted by PNC Capital Markets, Inc. Derivatives and foreign exchange products are offered through PNC Bank, National Association.
The PNC Financial Services Group, Inc., headquartered in Pittsburgh, is one of the nation's largest diversified financial services organizations, providing regional community banking; wholesale banking, including corporate banking, real estate finance and asset-based lending; wealth management; asset management; and global fund services.
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SOURCE: PNC Capital Markets
CONTACT: Amy Vargo of PNC, +1-412-762-1535 or amy.vargo@pnc.com
Web site: http://www.pnc.com/
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