By Sheri Kasprzak
New York, April 13 - The Industrial Development Authority of Fairfax County in Virginia recently priced $544.64 million in series 2009 health care revenue bonds for Inova Health System, according to an official statement.
The offering included $354.64 million in series 2009A bonds and $190 million in series 2009B bonds. The 2009B bonds were sold in two tranches - a 2009B-1 bond and a 2009B-2 bond - for $95 million each.
The bonds (Aa2/AA+/) were sold through lead manager Citigroup Global Markets Inc. Citigroup was the sole underwriter for the 2009B bonds and lead manager for the 2009A bonds. The co-managers for the 2009A bonds were Merrill Lynch & Co. Inc., BB&T Capital Markets Inc. and Wachovia Securities Inc.
The 2009A bonds are due 2010 to 2026 with term bonds due 2029 and 2035. The coupons range from 3% to 5.25% and the yields from 0.6% to 5.41%. The 2029 bonds have a 5.5% coupon to yield 5.58% and the 2035 bonds have a 5.5% coupon to yield 5.65%.
The 2009B-1 and 2009B-2 bonds are due May 15, 2039. The bonds each have a 0.55% coupon, priced at par.
The proceeds will be loaned to Inova Health System.
| Issuer: | Industrial Development Authority of Fairfax County/Inova Health System
|
| Issue: | Series 2009 health care revenue bonds
|
| Amount: | $544.64 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead); Merrill Lynch & Co. Inc., BB&T Capital Markets Inc. and Wachovia Securities Inc. (co-managers for 2009A bonds)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Pricing date: | April 8
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 3% | 0.60%
|
| 2011 | Serial | 3% | 2.30%
|
| 2012 | Serial | 4% | 2.60%
|
| 2013 | Serial | 3% | 3.09%
|
| 2014 | Serial | 4% | 3.48%
|
| 2015 | Serial | 4% | 3.72%
|
| 2016 | Serial | 4% | 4.00%
|
| 2017 | Serial | 5% | 4.19%
|
| 2018 | Serial | 5% | 4.42%
|
| 2019 | Serial | 5% | 4.64%
|
| 2020 | Serial | 4.75% | 4.83%
|
| 2021 | Serial | 4.75% | 4.90%
|
| 2022 | Serial | 5% | 5.03%
|
| 2023 | Serial | 5% | 5.15%
|
| 2024 | Serial | 5.125% | 5.25%
|
| 2025 | Serial | 5.25% | 5.35%
|
| 2026 | Serial | 5.25% | 5.41%
|
| 2029 | Term | 5.5% | 5.58%
|
| 2035 | Term | 5.5% | 5.65%
|
|
|
| Series 2009B-1
|
| Maturity | Type | Coupon | Yield
|
| May 15, 2039 | Term | 0.55% | 0.55%
|
|
|
| Series 2009B-2
|
| Maturity | Type | Coupon | Yield
|
| May 15, 2039 | Term | 0.55% | 0.55%
|
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