Published on 6/21/2012 in the Prospect News Municipals Daily.
New Issue: Holland Home, Mich., brings $50.39 million of revenue refunding bonds
By Sheri Kasprzak
New York, June 21 - The Kentwood Economic Development Corp. sold $50.39 million of series 2012 limited obligation revenue refunding bonds for the Holland Home Obligated Group, according to a term sheet.
The bonds (//BB+) were sold through Ziegler Capital Inc.
The bonds are due 2013 to 2022 with term bonds due in 2027, 2032 and 2041. The serial coupons range from 2.5% to 4.75%, all priced at par. The 2027 bonds have a split maturity with a 5.125% coupon priced at par and a 5.375% coupon priced at 101.912. The 2032 bonds have a split maturity with a 5.125% coupon priced at 96.62 and a 5.625% coupon priced at 102.082. The 2041 bonds have a split maturity with a 5.375% coupon priced at 96.072 and a 5.625% coupon priced at 99.636.
Proceeds will be used to refund corporation's series 2000, 2002B and 2006B revenue bonds.
| Issuer: | Kentwood Economic Development Corp./Holland Home Obligated Group
|
| Issue: | Series 2012 limited obligation revenue refunding bonds
|
| Amount: | $50.39 million
|
| Type: | Negotiated
|
| Underwriters: | Ziegler Capital Inc. (lead)
|
| Ratings: | Fitch: BB+
|
| Pricing date: | June 21
|
| Settlement date: | June 29
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $120,000 | 2013 | Serial | 2.5% | 100
|
| $115,000 | 2014 | Serial | 2.75% | 100
|
| $135,000 | 2015 | Serial | 3% | 100
|
| $145,000 | 2016 | Serial | 3.25% | 100
|
| $150,000 | 2017 | Serial | 3.5% | 100
|
| $165,000 | 2018 | Serial | 3.75% | 100
|
| $175,000 | 2019 | Serial | 4% | 100
|
| $925,000 | 2020 | Serial | 4.25% | 100
|
| $525,000 | 2021 | Serial | 4.5% | 100
|
| $555,000 | 2022 | Serial | 4.75% | 100
|
| $1 million | 2027 | Term | 5.125% | 100
|
| $2,425,000 | 2027 | Term | 5.375% | 101.912
|
| $4 million | 2032 | Term | 5.125% | 96.62
|
| $7,545,000 | 2032 | Term | 5.625% | 102.082
|
| $7 million | 2041 | Term | 5.375% | 96.072
|
| $25.41 million | 2041 | Term | 5.625% | 99.636
|
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