By Sheri Kasprzak
New York, Dec. 1 - The Dutchess County Local Development Corp. of New York priced $55.055 million of series 2010 revenue bonds for Health Quest Systems Inc., according to a pricing sheet.
The offering included $34.605 million of series 2010A bonds and $20.45 million of series 2010B bonds.
The bonds (A3/A-/) were sold on a negotiated basis with Bank of America Merrill Lynch as the senior manager.
The 2010A bonds are due 2011 to 2022 with term bonds due 2025, 2030 and 2040. Serial coupons range from 3% to 5%. The 2025 bonds have a 5.25% coupon priced at 98.4, and the 2030 bonds have a 5.75% coupon priced at 98.841. The 2040 bonds have a 5.75% coupon priced at 97.229.
The 2010B bonds are due 2011 to 2020 with coupons from 3.453% to 6.821%, all priced at par.
Proceeds will be used to pay for costs associated with constructing, expanding and equipping Health Quest facilities, as well as to refund the corporation's series 2004 bonds.
The district, based in Poughkeepsie, N.Y., funds economic development and public service projects. Health Quest, based in Poughkeepsie, operates the Vassar Brothers Hospital.
| Issuer: | Dutchess County Local Development Corp./Health Quest Systems Inc.
|
| Issue: | Series 2010 revenue bonds
|
| Amount: | $55.055 million
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Pricing date: | Nov. 24
|
| Settlement date: | Dec. 15
|
|
|
| $34.605 million series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $450,000 | 2011 | Serial | 3% | 100.419
|
| $1.44 million | 2012 | Serial | 4% | 102.104
|
| $1.495 million | 2013 | Serial | 4% | 102.604
|
| $1.285 million | 2014 | Serial | 5% | 106.295
|
| $1.345 million | 2015 | Serial | 5% | 106.813
|
| $1.415 million | 2016 | Serial | 5% | 106.874
|
| $1.485 million | 2017 | Serial | 5% | 105.883
|
| $1.555 million | 2018 | Serial | 5% | 104.598
|
| $1.635 million | 2019 | Serial | 5% | 102.94
|
| $1.715 million | 2020 | Serial | 5% | 101.514
|
| $1.165 million | 2021 | Serial | 5% | 100.298
|
| $1.225 million | 2022 | Serial | 5% | 99.132
|
| $3.545 million | 2025 | Term | 5.25% | 98.4
|
| $3.655 million | 2030 | Term | 5.75% | 98.841
|
| $11.195 million | 2040 | Term | 5.75% | 97.229
|
|
|
| $20.45 million series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $950,000 | 2011 | Serial | 3.453% | 100
|
| $1.78 million | 2012 | Serial | 3.703% | 100
|
| $1.85 million | 2013 | Serial | 4.191% | 100
|
| $1.925 million | 2014 | Serial | 4.641% | 100
|
| $2.015 million | 2015 | Serial | 5.141% | 100
|
| $2.115 million | 2016 | Serial | 5.569% | 100
|
| $2.235 million | 2017 | Serial | 6.069% | 100
|
| $2.37 million | 2018 | Serial | 6.521% | 100
|
| $2.52 million | 2019 | Serial | 6.671% | 100
|
| $2.69 million | 2020 | Serial | 6.821% | 100
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
