Published on 7/31/2012 in the Prospect News Municipals Daily.
New Issue: Fairfax County IDA, Va., prices $350 million of revenue bonds for Inova Health
By Sheri Kasprzak
New York, July 31 - The Fairfax County Industrial Development Authority of Virginia sold $350 million of series 2012 health care revenue bonds for Inova Health System, according to a pricing sheet.
The deal included $290 million of series 2012A bonds and $60 million of series 2012B bonds.
The 2012A bonds are due 2013 to 2027 with term bonds due in 2032, 2035, 2037, 2040 and 2042. The serial coupons range from 2.25% to 5%. The 2032 bonds have a 3.625% coupon priced at 98.952, and the 2035 bonds have a 5% coupon priced at 112.711. The 2040 bonds have a 5% coupon priced at 111.659, and the 2042 bonds have a 4% coupon priced at 99.477.
The 2012B bonds are due in 2022 with a 3% coupon priced at 105.62, a 4% coupon priced at 114.27 and a 5% coupon priced at 112.921.
Proceeds will be used to finance new hospital additions.
Issuer: | Fairfax County Industrial Development Authority/Inova Health System
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Issue: | Series 2012 health care revenue bonds
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Amount: | $350 million
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Type: | Negotiated
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Underwriters: | Morgan Stanley & Co. LLC (lead); Citigroup Global Markets Inc., TD Securities (USA) LLC, BB&T Capital Markets LLC, Raymond James/Morgan Keegan and Edward D. Jones & Co. LP (co-managers)
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Ratings: | Moody's: Aa2
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| Standard & Poor's: AA+
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Pricing date: | July 31
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Settlement date: | Aug. 23
|
|
$290 million series 2012A bonds
|
Amount | Maturity | Type | Coupon | Price
|
$4.13 million | 2013 | Serial | 3% | NRO
|
$3.99 million | 2014 | Serial | 3% | 104.507
|
$4,255,000 | 2015 | Serial | 4% | 109.241
|
$4,395,000 | 2016 | Serial | 4% | 111.806
|
$4,465,000 | 2017 | Serial | 2.25% | 105.141
|
$3.44 million | 2018 | Serial | 4% | 114.438
|
$3.4 million | 2019 | Serial | 5% | 121.246
|
$3.32 million | 2020 | Serial | 4% | 114.406
|
$3,275,000 | 2021 | Serial | 5% | 122.121
|
$3.28 million | 2022 | Serial | 4% | 114.27
|
$2,935,000 | 2023 | Serial | 5% | 121.273
|
$2.67 million | 2024 | Serial | 5% | 120.221
|
$2.55 million | 2025 | Serial | 5% | 119.18
|
$1,905,000 | 2026 | Serial | 4% | 109.885
|
$1,705,000 | 2027 | Serial | 4% | 109.262
|
$5,195,000 | 2032 | Term | 3.625% | 98.952
|
$15 million | 2035 | Term | 5% | 112.711
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$35 million | 2037 | Term | 5% | 111.921
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$85.09 million | 2040 | Term | 5% | 111.659
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$100 million | 2042 | Term | 4% | 99.477
|
|
$60 million series 2012B bonds
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Amount | Maturity | Type | Coupon | Price
|
$2 million | 2022 | Term | 3% | 105.62
|
$25 million | 2022 | Term | 4% | 114.27
|
$33 million | 2022 | Term | 5% | 122.921
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