Published on 5/2/2012 in the Prospect News Municipals Daily.
New Issue: Akron, Bath and Copley Joint Hospital District, Ohio, sells $94.98 million bonds
By Sheri Kasprzak
New York, May 2 - The Akron, Bath and Copley Joint Township Hospital District of Ohio sold $94.98 million of series 2012 hospital improvement and refunding revenue bonds for the Children's Hospital Medical Center of Akron, according to a pricing sheet.
The bonds (A1//A+) were sold through Goldman Sachs & Co.
The bonds are due 2012 to 2026 with term bonds due in 2032 and 2042. The serial coupons range from 4% to 5%. The 2032 bonds have a 5% coupon priced at 112.398 and the 2042 bonds have a 5% coupon priced at 110.469.
Proceeds will be used to finance the construction, equipment and acquisition of a new parking garage at the Children's Hospital campus in Akron, as well as to refund the district's series 2001 bonds.
| Issuer: | Akron, Bath and Copley Joint Township Hospital District/Children's Hospital Medical Center of Akron
|
| Issue: | Series 2012 hospital improvement and refunding revenue bonds
|
| Amount: | $94.98 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. (lead)
|
| Ratings: | Moody's: A1
|
| Fitch: A+
|
| Pricing date: | May 2
|
| Settlement date: | May 15
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $505,000 | 2012 | Serial | 4% | 101.618
|
| $1,165,000 | 2013 | Serial | 5% | 105.94
|
| $1,225,000 | 2014 | Serial | 4% | 106.875
|
| $1.27 million | 2015 | Serial | 4% | 108.671
|
| $1.32 million | 2016 | Serial | 5% | 114.098
|
| $1.39 million | 2017 | Serial | 4% | 110.148
|
| $1,445,000 | 2018 | Serial | 5% | 116.28
|
| $1,515,000 | 2019 | Serial | 5% | 116.703
|
| $1.59 million | 2020 | Serial | 5% | 116.21
|
| $3,665,000 | 2021 | Serial | 5% | 115.709
|
| $3,855,000 | 2022 | Serial | 5% | 115.174
|
| $4,045,000 | 2023 | Serial | 5% | 114.1
|
| $4.25 million | 2024 | Serial | 5% | 113.668
|
| $4.46 million | 2025 | Serial | 5% | 113.033
|
| $6,385,000 | 2026 | Serial | 4% | 98.646
|
| $38,115,000 | 2032 | Term | 5% | 112.398
|
| $18.78 million | 2042 | Term | 5% | 110.469
|
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