Cases & Deals

Citigroup Global and Morgan Stanley underwrite bonds for Iowa Health System

Clients Citigroup Global Markets Inc. and Morgan Stanley & Co. Incorporated

Jones Day acted as underwriters' counsel to Citigroup Global Markets Inc. and Morgan Stanley & Co. Incorporated in connection with the delivery of $420,000,000 Iowa Finance Authority Variable Rate Demand Health Facilities Revenue Bonds, Series 2005 (Iowa Health System) which were used to construct, equip and renovate health care facilities of the members of the Iowa Health System obligated group located in Des Moines, Dubuque, Sioux City, Cedar Rapids, Ankeny, Bettendorf, Waterloo, West Des Moines and Ft. Dodge, Iowa and to fund the advance refunding of certain tax-exempt bonds issued for the benefit of the system in 1998 and 2000. The bonds were issued in two series of $210,000,000 each and were issued as variable rate demand bonds, initially operating in weekly rate modes. Liquidity support was provided for the Series 2005A Bonds by Citibank, N.A., and for the Series 2005B Bonds by Morgan Stanley Bank. Interest rate risk was hedged by Iowa Health System through a series of innovative floating to fixed rate swap contracts with Citibank, N.A., and Morgan Stanley Capital Services Inc., as counterparties. Financial Guaranty Insurance Company issued a municipal bond insurance policy insuring payment of the principal of and interest on the Series 2005A Bonds, and Ambac Assurance Corporation issued a municipal bond insurance policy insuring payment of the principal of and interest on the Series 2005B Bonds.

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