New Issue: Genesis Health Care System, Ohio, sells $295 million bonds

By Sheri Kasprzak

New York, April 24 - Muskingum County of Ohio sold $295 million of series 2013 hospital facilities revenue bonds for the Genesis Health Care System, according to a pricing sheet.

The bonds (Ba1/BB+/) were sold through Barclays.

The bonds are due 2016 to 2023 with term bonds due in 2027, 2033, 2044 and 2048. The serial coupons range from 4% to 5%. The 2027 bonds have a 5% coupon priced at 103.909, and the 2033 bonds have a 5% coupon priced at 100.761. The 2044 bonds have a 5% coupon priced at 98.753. The 2048 bonds have a 5% coupon priced at 96.791.

Proceeds will be used to finance the acquisition, construction, renovation, equipping and installation of health-care facilities and to refund and retire some outstanding taxable debt.

Issuer:	Muskingum County, Ohio/Genesis Health Care System
Issue:	Series 2013 hospital facilities revenue bonds
Amount:	$295 million
Type:	Negotiated
Underwriters:	Barclays (lead), PNC Capital Markets LLC and Huntington Investment Co. (co-managers)
Ratings:	Moody's: Ba1
	Standard & Poor's: BB+
Pricing date:	April 24
Settlement date:	May 9
Amount	Maturity	Type	Coupon	Price
$3.4 million	2016	Serial	5%	107.054
$3,575,000	2017	Serial	5%	108.517
$3,755,000	2018	Serial	5%	109.328
$3.95 million	2019	Serial	5%	109.847
$4,155,000	2020	Serial	5%	109.72
$4,365,000	2021	Serial	5%	109.477
$4.59 million	2022	Serial	5%	109.104
$4.8 million	2023	Serial	4%	100.397
$21,685,000	2027	Term	5%	103.909
$41,855,000	2033	Term	5%	100.761
$118,425,000	2044	Term	5%	98.753
$80,445,000	2048	Term	5%	96.791

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