Published on 10/29/2010 in the Prospect News Municipals Daily.
New Issue: Butler County, Ohio, sells $209.94 million revenue bonds for UC Health
By Sheri Kasprzak
New York, Oct. 29 - Butler County in Ohio priced $209.94 million of series 2010 health facilities revenue bonds on Thursday for UC Health, according to a pricing sheet.
The bonds (Baa1/BBB+/) were sold through RBC Capital Markets Corp. with Bank of America Merrill Lynch and Cain Brothers as the co-managers.
The bonds are due 2011 to 2020 with term bonds due 2022, 2029 and 2040. The serial coupons range from 3% to 4.5%. The 2022 bonds have a 5.5% coupon priced at 103.496, and the 2029 bonds have a 5.25% coupon priced at 97.651. The 2040 bonds have a split maturity with a 5.5% coupon priced at 96.445 and a 5.75% coupon priced at par.
Proceeds will be used to pay for or reimburse UC Health for costs related to constructing, equipping, acquiring and improving UC Health Facilities within the county.
| Issuer: | Butler County, Ohio/UC Health
|
| Issue: | Series 2010 health facilities revenue bonds
|
| Amount: | $209.94 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets Corp. (lead), Bank of America Merrill Lynch and Cain Brothers (co-managers)
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 4
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.69 million | 2011 | Serial | 3% | 101.272
|
| $1.68 million | 2012 | Serial | 3% | 101.903
|
| $1.345 million | 2013 | Serial | 3% | 101.519
|
| $885,000 | 2014 | Serial | 3% | 100.674
|
| $780,000 | 2015 | Serial | 3% | 99.175
|
| $675,000 | 2016 | Serial | 3.25% | 98.818
|
| $550,000 | 2017 | Serial | 3.625% | 99.055
|
| $415,000 | 2018 | Serial | 4% | 99.796
|
| $260,000 | 2019 | Serial | 4.125% | 98.779
|
| $4.95 million | 2020 | Serial | 4.5% | 98.576
|
| $9.985 million | 2022 | Term | 5.5% | 103.496
|
| $35.83 million | 2029 | Term | 5.25% | 97.651
|
| $125.895 million | 2040 | Term | 5.5% | 96.445
|
| $25 million | 2040 | Term | 5.75% | 100
|
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