The Massachusetts Development Finance Agency is offering $337 million in revenue bonds with proceeds slated to support UMass Memorial Health Care.

The bonds will be offered in two tranches: $237.8 million in Series N-1 bonds and $100 million in Series N-2 bonds, according to documents posted Friday on MuniOS. A recording of the a live roadshow presentation to investors was also posted on MuniOS.

Pricing is scheduled for Jan. 23, and the deal is slated to close Feb. 6.

The securities are special obligations of the agency, and are backed by payments made by UMass Memorial Health Care. Interest rates and yields haven't been set.

Proceeds will used by UMass Memorial to expand the number of beds and modernize its facilities, and will also help finance the system's acquisition of Milford Medical Center. The UMass Memorial is the largest health care system in the central Massachusetts, according to its website. It operates five hospitals that have almost 1,250 beds and has more than 2,000 active physicians, according to a road show document on MuniOS.

S&P Global Ratings assigned a BBB+ rating to the debt, and Fitch Ratings has them rated at A-.

Morgan Stanley and BofA Securities lead managers on the sale.

Write to Stephen Nakrosis at [email protected]