
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, April 24, 1993                   TAG: 9304240041
SECTION: BUSINESS                    PAGE: A-6   EDITION: METRO 
SOURCE: GEORGE KEGLEY STAFF WRITER
DATELINE:                                 LENGTH: Short

CARILION TO SAVE A BUNDLE IN REFINANCING

Carilion Health System said Friday it expects to save about $2 million by refinancing $57.5 million in tax-exempt industrial revenue bonds for improvements at four hospitals.

The money pays for work at Roanoke Memorial and Community Hospital in Roanoke, Franklin Memorial in Rocky Mount and St. Albans in Pulaski County.

Pending final approval expected Monday by Roanoke City Council and the Pulaski County Board of Supervisors, the bonds will be sold Wednesday, said Robert E. Tonkinson, an assistant vice president of Roanoke-based Carilion, the state's largest hospital company. The underwriter is J.P. Morgan Securities of New York, with NationsBank; Crestar; Scott & Stringfellow; and Wheat, First Securities participating in the sale.

The new bond issue means the hospitals will refund older bonds at lower rates, so no new money will be provided for any project, Tonkinson said.

The bonds cover such projects as Roanoke Memorial's two additions, equipment for an obstetrics unit and renovations at Community, new outpatient and obstetrical wings at Franklin Memorial and a building at St. Albans.

The refinancing already has been approved by the Roanoke Industrial Development Authority and Franklin County Board of Supervisors.

by CNB