By Sheri Kasprzak
New York, Dec. 2 – The Fairfax County Industrial Development Authority of Virginia priced $200 million of series 2014A health care revenue bonds for the Inova Health System, according to a pricing sheet.
The bonds (Aa2/AA+/) were sold through Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC.
The bonds are due May 15, 2044 and have a 2.5% coupon priced at par, a 4% coupon priced at 99.482 and a 5% coupon priced at 111.936.
Proceeds will be used to finance capital projects at the system’s Inova Fairfax Hospital, Inova Mount Vernon Hospital and Inova Fair Oaks Hospital, as well as other capital improvements at Inova facilities.
| Issuer: | Fairfax County Industrial Development Authority/Inova Health System
|
| Issue: | Series 2014A health care revenue bonds
|
| Amount: | $200 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 17
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $20 million | May 15, 2044 | Term | 2.5% | 100
|
| $100 million | May 15, 2044 | Term | 4% | 99.482
|
| $80 million | May 15, 2044 | Term | 5% | 111.936
|
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