By Sheri Kasprzak
New York, Aug. 20 - The Illinois Finance Authority priced $63.685 million in series 2008 hospital revenue refunding bonds for KishHealth System Obligated Group, according to an official statement.
The bonds (/A-/) were sold on a negotiated basis with J.P. Morgan Securities Inc. as the lead manager.
The bonds are due from 2013 to 2018 with term bonds due 2022, 2028 and 2035.
The serials have coupons from 4.5% to 5.25% with yields from 4.25% to 5.03%. The 2022 bonds have a 5.5% coupon to yield 5.45%. The 2028 bonds have a 5.75% coupon to yield 5.75% and the 2035 bonds have a 5.75% coupon to yield 5.92%.
Proceeds will be used to refund the authority's outstanding series 2005 auction-rate revenue bonds and to make a deposit to a debt service reserve fund.
| Issuer: | Illinois Finance Authority/KishHealth System Obligated Group
|
| Issue: | Series 2008 hospital revenue refunding bonds
|
| Amount: | $63.685 million
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities Inc. (lead)
|
| Rating: | Standard & Poor's: A-
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 22
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2013 | Serial | 5.25% | 4.25%
|
| 2014 | Serial | 5.25% | 4.44%
|
| 2015 | Serial | 5.25% | 4.59%
|
| 2016 | Serial | 5% | 4.74%
|
| 2017 | Serial | 4.5% | 4.89%
|
| 2018 | Serial | 4.75% | 4.03%
|
| 2022 | Term | 5.5% | 5.45%
|
| 2028 | Term | 5.75% | 5.75%
|
| 2035 | Term | 5.75% | 5.92%
|
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