Notice of Intent to Bid on Auction Rate Securities
Last updated: 09/12/2008
September 12, 2008
$100,900,000
West Virginia Hospital Finance Authority
Hospital Revenue Refunding and
Improvement Bonds
(Cabell Huntington Hospital, Inc.)
| $50,450,000 2004 Series B Due January 1, 2034 CUSIP: 956622VZ4 |
$50,450,000 2004 Series C Due January 1, 2034 CUSIP: 956622WA8 |
BB&T Capital Markets, a division of Scott & Stringfellow, Inc ("BBTCM"), and Cabell Huntington Hospital, Inc. (the "Corporation") hereby give the following notice with respect to BBTCM's intent to bid on the 2004 Series B and 2004 Series C Bonds.
BBTCM intends to create a custody receipt comprised of any Bonds allocated to BBTCM in each auction as well as a Branch Banking and Trust Company ("BB&T") letter of credit. BB&T is an affiliate of BBCTM. The custody receipt owners will be secured by the letter of credit issued for the account of the Corporation by BB&T pursuant to a Reimbursement Agreement between BB&T and the Corporation.
Auction Rate Securities
The Bonds were issued as Auction Rate Securities, and since their issuance have borne interest at Auction Rates for each Auction Period, all determined in accordance with the Bond Trust Indenture dated as of December 1, 2004, between the West Virginia Hospital Finance Authority and The Bank of New York Mellon (as successor in interest to J.P. Morgan Trust Company, National Association), as trustee (the "Bond Trustee"). The Auction Period for each series of Bonds will be a 28-day period beginning with the Auction Period beginning September 18, 2008.
Auction Rate Experience
The chart below summarizes bidding information, provided by the Auction Agent, for the last auction for each Series of Bonds. The Corporation did not participate in any such auction except in connection with the BB&T letter of credit. BBTCM participated in the auction, as described below.
| Series of Bonds | Date of Last Auction | Amount of Bonds for Auction | Number of Bidders | Dollar Amount of Bids | Clearing Rate | High, Low & Median Bids |
|---|---|---|---|---|---|---|
| Series B | 8/13/08 | $35,225,0001 | 3 | $102,150,000 | 3.400% | 9.00/3.00/3.40 |
| Series C | 8/13/08 | $26,975,0002 | 6 | $101,325,000 | 3.400% | 9.00/3.29/3.575 |
2) $50,450,000 was available for the auction, but $23,475,000 was held or deemed held, leaving $26,975,000.
According to the participating broker dealers, both of the participating broker dealers participated in the auctions as set forth below.
Citigroup Global Markets, Inc.:
| Series of Bonds | Date of Last Auction | Amount of Bonds for Auction | Dollar Amount of Bid | Bid Rate | Amount Purchased |
|---|---|---|---|---|---|
| Series B | 8/13/08 | $35,225,000 | $50,450,000 | 9.00% | $0 |
| Series C | 8/13/08 | $26.975,000 | $50,450,000 | 9.00% | $0 |
BBTCM:
| Series of Bonds | Date of Last Auction | Amount of Bonds for Auction | Dollar Amount of Bid | Bid Rate | Amount Purchased |
|---|---|---|---|---|---|
| Series B | 8/13/08 | $35,225,000 | $50,450,000 | 3.40% | $33,975,000 |
| Series C | 8/13/08 | $26,975,000 | $50,450,000 | 3.40% | $26,950,000 |
BBTCM's Intent To Purchase or Bid On Bonds
Beginning with the auction for the Bonds on September 17, 2008, BBTCM expects to submit a sell order for the Bonds it currently holds (see table above) and to submit bids for all of the outstanding Bonds of each Series as represented in the table below.
| Series of Bonds | Date of Auction | Amount of Bonds for Auction | Amount of Bonds for which BBTCM Intends to Bid | Rate BBTCM Intends to Bid No Greater Than |
|---|---|---|---|---|
| Series B | 9/17/08 | $50,450,0003 | 100% | SIFMA + 200 |
| Series C | 9/17/08 | $50,450,000 | 100% | SIFMA + 200 |
The rate being bid is in excess of the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index published by SIFMA on September 17, 2008.
Investors who currently hold the Bonds should understand that pursuant to the bids to be submitted by BBTCM beginning with the auction on September 17, 2008, the interest rate on the Bonds for the auction period will be not more than SIFMA + 200bps, and such investors should not place a hold order unless they are prepared to hold the Bonds at such rate.
Investors who currently hold the Bonds or who choose to submit bids in any auction in which BBTCM bids should understand that the interests of BBTCM and the Corporation differ from the interests of other investors in the Bonds in that it is in the Corporation's interest for the interest rate on the Bonds to be set at the lowest possible rate, and BBTCM is creating the custody receipt to assist the Corporation.
BBTCM does not currently intend to bid for the Bonds outside of the auction process but reserves the right to do so.
Additional Financial Information Concerning the Corporation
The Bonds were issued pursuant to an Official Statement dated December 9, 2004 (the "Official Statement"). Since that date, the Corporation has filed certain limited information pursuant to its continuing disclosure obligations as described in the Official Statement. The Corporation is not providing any additional information regarding its business and affairs or financial performance. The Corporation will provide a paper or electronic copy of the Official Statement, at no cost, to any person upon request submitted to Betty Lam, Kauffman, Hall & Associates, Inc., 5202 Old Orchard Road, Suite N700, Skokie, Illinois 60077; Telephone No.: (847) 441-8780.
August 7, 2008
$100,900,000
West Virginia Hospital Finance Authority
Hospital Revenue Refunding and
Improvement Bonds
(Cabell Huntington Hospital, Inc.)
| $50,450,000 2004 Series B Due January 1, 2034 CUSIP: 956622VZ4 |
$50,450,000 2004 Series C Due January 1, 2034 CUSIP: 956622WA8 |
BB&T Capital Markets, a division of Scott & Stringfellow, Inc ("BBTCM"), and Cabell Huntington Hospital, Inc. (the "Corporation") hereby give the following notice with respect to BBTCM's intent to bid on the 2004 Series B and 2004 Series C Bonds.
BBTCM intends to create a custody receipt comprised of any Bonds allocated to BBTCM in each auction as well as a Branch Banking and Trust Company ("BB&T") letter of credit. BB&T is an affiliate of BBCTM. The custody receipt owners will be secured by the letter of credit issued for the account of the Corporation by BB&T pursuant to a Reimbursement Agreement between BB&T and the Corporation.
Auction Rate Securities
The Bonds were issued as Auction Rate Securities, and since their issuance have borne interest at Auction Rates for each Auction Period, all determined in accordance with the Bond Trust Indenture dated as of December 1, 2004, between the West Virginia Hospital Finance Authority and J.P. Morgan Trust Company, National Association as trustee (the "Bond Trustee"). The Auction Period for each series of Bonds is currently a 35-day period.
Auction Rate Experience
The chart below summarizes bidding information, provided by the Auction Agent, for the last auction for each Series of Bonds. The Corporation did not participate in any such auction except in connection with the BB&T letter of credit. BBTCM participated in the auction, as described below.
| Series of Bonds | Date of Last Auction | Amount of Bonds for Auction | Number of Bidders | Number, and Dollar Amount of Bids | Clearing Rate | High, Low & Median Bids |
|---|---|---|---|---|---|---|
| Series B | 7/9/08 | $35,000,0001 | 6 | $119,950,000 | 3.400% | 9.00/2.00/3.99 |
| Series C | 7/9/08 | $26,950,0002 | 5 | $104,125,000 | 3.400% | 10.00/3.38/3.40 |
2) $50,450,000 was available for the auction, but $26,950,000 was held or deemed held, leaving $23,500,000.
According to the participating broker dealers, both of the participating broker dealers participated in the auctions as set forth below.
Citigroup Global Markets, Inc.:
| Series of Bonds | Date of Last Auction | Amount of Bonds for Auction | Dollar Amount of Bid | Bid Rate | Amount Purchased |
|---|---|---|---|---|---|
| Series B | 6/4/08 | $35,000,000 | $50,450,000 | 9.00% | $0 |
| Series C | 6/4/08 | $26,950,000 | $50,450,000 | 10.00% | $0 |
BBTCM:
| Series of Bonds | Date of Last Auction | Amount of Bonds for Auction | Dollar Amount of Bid | Bid Rate | Amount Purchased |
|---|---|---|---|---|---|
| Series B | 6/4/08 | $35,000,000 | $50,450,000 | 3.40% | $33,700,000 |
| Series C | 6/4/08 | $26,950,000 | $50,450,000 | 3.40% | $20,275,000 |
BBTCM's Intent To Purchase or Bid On Bonds
Beginning with the auction for the Bonds on August 13, 2008, BBTCM expects to submit a hold order for the Bonds it currently holds (see table above) and to submit bids for all the remaining outstanding Bonds of each Series as represented in the table below.
| Series of Bonds | Date of Auction | Amount of Bonds for Auction | Amount of Bonds for which BBTCM Intends to Bid | Rate BBTCM Intends to Bid No Greater Than |
|---|---|---|---|---|
| Series B | August 13, 2008 | $16,750,000 | 100% | SIFMA + 200 |
| Series C | July 9, 2008 | $30,175,000 | 100% | SIFMA + 200 |
The rate being bid is in excess of the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index published by SIFMA on August 13, 2008.
Investors who currently hold the Bonds should understand that pursuant to the bids to be submitted by BBTCM beginning with the auction on August 13, 2008, the interest rate on the Bonds for the auction period will be not more than SIFMA + 200bps, and such investors should not place a hold order unless they are prepared to hold the Bonds at such rate.
Investors who currently hold the Bonds or who choose to submit bids in any auction in which BBTCM bids should understand that the interests of BBTCM and the Corporation differ from the interests of other investors in the Bonds in that it is in the Corporation’s interest for the interest rate on the Bonds to be set at the lowest possible rate, and BBTCM is creating the custody receipt to assist the Corporation.
BBTCM does not currently intend to bid for the Bonds outside of the auction process but reserves the right to do so.
Additional Financial Information Concerning the Corporation
The Bonds were issued pursuant to an Official Statement dated December 9, 2004 (the "Official Statement"). Since that date, the Corporation has filed certain limited information pursuant to its continuing disclosure obligations as described in the Official Statement. The Corporation is not providing any additional information regarding its business and affairs or financial performance. The Corporation will provide a paper or electronic copy of the Official Statement, at no cost, to any person upon request submitted to Betty Lam, Kauffman, Hall & Associates, Inc., 5202 Old Orchard Road, Suite N700, Skokie, Illinois 60077; Telephone No.: (847) 441-8780.
July 7, 2008
$100,900,000
West Virginia Hospital Finance Authority
Hospital Revenue Refunding and
Improvement Bonds
(Cabell Huntington Hospital, Inc.)
| $50,450,000 2004 Series B Due January 1, 2034 CUSIP: 956622VZ4 |
$50,450,000 2004 Series C Due January 1, 2034 CUSIP: 956622WA8 |
BB&T Capital Markets, a division of Scott & Stringfellow, Inc ("BBTCM"), and Cabell Huntington Hospital, Inc. (the "Corporation") hereby give the following notice with respect to BBTCM's intent to bid on the 2004 Series B and 2004 Series C Bonds.
BBTCM intends to create a custody receipt comprised of any Bonds allocated to BBTCM in each auction as well as a Branch Banking and Trust Company ("BB&T") letter of credit. BB&T is an affiliate of BBCTM. The custody receipt owners will be secured by the letter of credit issued for the account of the Corporation by BB&T pursuant to a Reimbursement Agreement between BB&T and the Corporation.
Auction Rate Securities
The Bonds were issued as Auction Rate Securities, and since their issuance have borne interest at Auction Rates for each Auction Period, all determined in accordance with the Bond Trust Indenture dated as of December 1, 2004, between the West Virginia Hospital Finance Authority and J.P. Morgan Trust Company, National Association as trustee (the "Bond Trustee"). The Auction Period for each series of Bonds is currently a 35-day period.
Auction Rate Experience
The chart below summarizes bidding information, provided by the Auction Agent, for the last auction for each Series of Bonds. The Corporation did not participate in any such auction except in connection with the BB&T letter of credit. BBTCM participated in the auction, as described below.
| Series of Bonds | Date of Last Auction | Amount of Bonds for Auction | Number of Bidders | Number, and Dollar Amount of Bids | Clearing Rate | High, Low & Median Bids |
|---|---|---|---|---|---|---|
| Series B | 6/4/08 | $25,450,000 | 10 | $182,600,000 | 3.500% | 5.25/3.00/3.90 |
| Series C | 6/4/08 | $22,050,000 | 6 | $172,300,000 | 3.500% | 5.25/2.75/3.98 |
According to the participating broker dealers, both of the participating broker dealers participated in the auctions as set forth below.
Citigroup Global Markets, Inc.:
| Series of Bonds | Date of Last Auction | Amount of Bonds for Auction | Dollar Amount of Bid | Bid Rate | Amount Purchased |
|---|---|---|---|---|---|
| Series B | 6/4/08 | $25,450,000 | $50,450,000 | 5.25% | $0 |
| Series C | 6/4/08 | $22,050,000 | $50,450,000 | 5.25% | $0 |
BBTCM:
| Series of Bonds | Date of Last Auction | Amount of Bonds for Auction | Dollar Amount of Bid | Bid Rate | Amount Purchased |
|---|---|---|---|---|---|
| Series B | 6/4/08 | $25,450,000 | $50,450,000 | 3.50% | $25,450,000 |
| Series C | 5/28/08 | $22,050,000 | $50,450,000 | 3.50% | $22,050,000 |
BBTCM's Intent To Purchase or Bid On Bonds
Beginning with the auction for the Bonds on July 9, 2008, BBTCM expects to submit a hold order for the Bonds it currently holds (see table above) and to submit bids for all the remaining outstanding Bonds of each Series as represented in the table below.
| Series of Bonds | Date of Auction | Amount of Bonds for Auction | Amount of Bonds for which BBTCM Intends to Bid | Rate BBTCM Intends to Bid No Greater Than |
|---|---|---|---|---|
| Series B | July 9, 2008 | $25,000,000 | 100% | SIFMA + 200 |
| Series C | July 9, 2008 | $28,400,000 | 100% | SIFMA + 200 |
The rate being bid is in excess of the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index published by SIFMA on July 9, 2008.
Investors who currently hold the Bonds should understand that pursuant to the bids to be submitted by BBTCM beginning with the auction on July 9, 2008, the interest rate on the Bonds for the auction period will be not more than SIFMA + 200bps, and such investors should not place a hold order unless they are prepared to hold the Bonds at such rate.
Investors who currently hold the Bonds or who choose to submit bids in any auction in which BBTCM bids should understand that the interests of BBTCM and the Corporation differ from the interests of other investors in the Bonds in that it is in the Corporation’s interest for the interest rate on the Bonds to be set at the lowest possible rate, and BBTCM is creating the custody receipt to assist the Corporation.
BBTCM does not currently intend to bid for the Bonds outside of the auction process but reserves the right to do so.
Additional Financial Information Concerning the Corporation
The Bonds were issued pursuant to an Official Statement dated December 9, 2004 (the "Official Statement"). Since that date, the Corporation has filed certain limited information pursuant to its continuing disclosure obligations as described in the Official Statement. The Corporation is not providing any additional information regarding its business and affairs or financial performance. The Corporation will provide a paper or electronic copy of the Official Statement, at no cost, to any person upon request submitted to Betty Lam, Kauffman, Hall & Associates, Inc., 5202 Old Orchard Road, Suite N700, Skokie, Illinois 60077; Telephone No.: (847) 441-8780.
June 2, 2008
$100,900,000
West Virginia Hospital Finance Authority
Hospital Revenue Refunding and
Improvement Bonds
(Cabell Huntington Hospital, Inc.)
| $50,450,000 2004 Series B Due January 1, 2034 CUSIP: 956622VZ4 |
$50,450,000 2004 Series C Due January 1, 2034 CUSIP: 956622WA8 |
BB&T Capital Markets, a division of Scott & Stringfellow, Inc ("BBTCM") and Cabell Huntington Hospital, Inc. hereby gives the following notice with respect to BBTCM's intent to bid on The 2004 Series B and 2004 Series C Bonds.
Auction Rate Securities
The Bonds were issued as Auction Rate Bonds, and since their issuance have borne interest at Auction Rates for each Auction Period, all determined in accordance with the Bond Trust Indenture dated as of December 1, 2004, between the Authority and J.P. Morgan Trust Company, National Association as trustee (the "Bond Trustee"). The Auction Period for each series of Bonds is currently a 7-day period. The Bonds were initially offered as 7-day and 28-day Auction Rate Bonds.
Auction Rate Experience
The chart below summarizes bidding information, provided by the Auction Agent, for the last auction for each Series of Bonds. Cabell Huntington Hospital, Inc. (the "Corporation") did not participate in any such auction. BBTCM did not participate in any such auction.
| Series of Bonds | Date of Last Auction | Amount of Bonds for Auction | Number of Bidders | Number, and Dollar Amount of Bids | Clearing Rate | High, Low & Median Bids |
|---|---|---|---|---|---|---|
| Series B | 5/28/08 | $50,450,000 | 8 | 130,700,000 | 4.05 | 5.50/3.00/3.725 |
| Series C | 5/28/08 | $50,450,000 | 8 | 123,775,000 | 4.385 | 5.00/4.00/4.080 |
According to the participating broker dealers, one of the participating broker dealers participated in the auctions as set forth below.
| Series of Bonds | Date of Last Auction | Amount of Bonds for Auction | Dollar Amount of Bid | Bid Rate |
|---|---|---|---|---|
| Series B | 5/28/08 | $50,450,000 | 50,450,000 | 5.00 |
| Series C | 5/28/08 | $50,450,000 | 50,540,000 | 5.00 |
BBTCM's Intent To Purchase or Bid On Bonds
The Corporation has submitted notice that, pursuant to Section 3.09 of the Bond Indenture, at the next regularly scheduled auction for the B and C Bonds, the auction rate periods will change from the respective 7-day auction rate periods to 35-day auction rate periods. Beginning with the auction for the Bonds on June 4th, BBTCM expects to begin to submit bids for all outstanding Bonds of each Series as represented in the table below.
| Series of Bonds | Date of Auction | Amount of Bonds for Auction | Amount of Bonds for which BBTCM Intends to Bid | Rate BBTCM Intends to Bid No Greater Than |
|---|---|---|---|---|
| Series B | June 4, 2008 | $50,450,000 | 100% | SIFMA + 200 |
| Series C | June 4, 2008 | $50,450,000 | 100% | SIFMA + 200 |
The rate being bid is in excess of the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index published by SIFMA on June 4, 2008.
BBTCM intends to create a custody receipt comprised of any Bonds allocated to BBTCM in each auction as well as a Branch Banking and Trust Company letter of credit. Branch Banking and Trust is an affiliate of BBCTM. The custody receipt owners will be secured by the letter of credit issued by BB&T pursuant to the Reimbursement Agreement for the account of the Corporation.
Investors who currently hold the Bonds should understand that pursuant to the bids to be submitted by BBTCM beginning with the auction on June 4th, the interest rate on the Bonds for the auction period will be not more than SIFMA + 200bps, and such investors should not place a hold order unless they are prepared to hold the Bonds at such rate.
Investors who currently hold the Bonds or who choose to submit bids in any auction in which BBTCM bids should understand that the interests of BBTCM and the Corporation differ from the interests of other investors in the Bonds in that it is in the Corporation's interest for the interest rate on the Bonds to be set at the lowest possible rate, and BBTCM is creating the custody receipt to assist the Corporation.
BBTCM does not currently intend to bid for the Bonds outside of the auction process but reserves the right to do so.
Additional Financial Information Concerning the Corporation
The Bonds were issued pursuant to an Official Statement dated December 9, 2004 (the "Official Statement"). Since that date, the Corporation has filed certain limited information pursuant to its continuing disclosure obligations as described in the Official Statement. The Corporation is not providing any additional information regarding its business and affairs or financial performance. The Corporation will provide a paper or electronic copy of the Official Statement, at no cost, to any person upon request submitted to Betty Lam, Kauffman, Hall & Associates, Inc., 5202 Old Orchard Road, Suite N700, Skokie, Illinois 60077; Telephone No.: (847) 441-8780.
Information on Auction Rate Securities may be found at www.dacbond.com
