Published on 4/19/2016 in the Prospect News Municipals Daily.
New Issue: Fairfax County IDA, Va., prices $143.18 million of Invoa Health bonds
By Sheri Kasprzak
New York, April 19 – The Fairfax County Industrial Development Authority of Virginia sold $143,175,000 of series 2016 health care revenue bonds for Inova Health, according to a pricing sheet.
The bonds (Aa2/AA+) were sold through Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC.
The offering included $111.88 million of series 2016A bonds and $31,295,000 of series 2016B bonds.
The 2016A bonds are due 2020 to 2031 with 4% to 5% coupons and yields from 0.97% to 2.3%.
The 2016B bonds are due May 15, 2026 with a 5% coupon priced at 127.825 to yield 1.93%.
Proceeds will be loaned to Inova to refund the health system’s series 2009A and 2012C revenue bonds.
| Issuer: | Fairfax County Industrial Development Authority/Inova Health
|
| Issue: | Series 2016 health care revenue bonds
|
| Amount: | $143,175,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
|
| Pricing date: | April 19
|
| Settlement date: | May 11
|
|
|
| $111.88 million series 2016A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,625,000 | 2020 | Serial | 5% | 115.816 | 0.97%
|
| $5.8 million | 2021 | Serial | 5% | 118.695 | 1.15%
|
| $6,035,000 | 2022 | Serial | 5% | 121.134 | 1.33%
|
| $5.7 million | 2023 | Serial | 5% | 123.359 | 1.48%
|
| $5,755,000 | 2024 | Serial | 5% | 125.127 | 1.64%
|
| $2.5 million | 2025 | Serial | 4% | 118.042 | 1.82%
|
| $3.39 million | 2025 | Serial | 5% | 126.318 | 1.82%
|
| $5 million | 2026 | Serial | 4% | 118.761 | 1.93%
|
| $16,455,000 | 2026 | Serial | 5% | 127.825 | 1.93%
|
| $200,000 | 2027 | Serial | 5% | 126.576 | 2.05%
|
| $215,000 | 2028 | Serial | 5% | 125.854 | 2.12%
|
| $235,000 | 2029 | Serial | 5% | 125.035 | 2.20%
|
| $28,255,000 | 2030 | Serial | 5% | 124.73 | 2.23%
|
| $26,715,000 | 2031 | Serial | 5% | 124.02 | 2.30%
|
|
|
| $31,295,000 series 2016B bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| May 15, 2026 | Term | 5% | 127.825 | 1.93%
|
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