By Cristal Cody
Tupelo, Miss., Oct. 29 - Michigan-based Trinity Health Credit Group sold a combined $492 million in fixed-rate revenue and refunding bonds in Idaho and Michigan with a combined 6.37% true interest cost, the issuer said Wednesday.
Trinity also plans to complete the second portion of its financing plan through the Nov. 12 sale of $820 million variable-rate bonds.
Trinity Health sold $314 million in series 2008A-1 and 2008A-2 revenue and refunding bonds (Aa2//AA) through the Michigan State Hospital Finance Authority on Tuesday, said Jim Bosscher, vice president of treasury.
The bonds priced with 5% to 6.5% coupons to yield 5.25% to 6.65%.
Trinity also sold $178 million in series 2008B revenue and refunding bonds (Aa2/AA/AA) through the Idaho Health Facilities Authority
The bonds priced with 4.75% to 6.25% coupons to yield 4.95% to 6.5%.
The bonds were sold through negotiated sales led by managers Merrill Lynch and Goldman, Sachs & Co.
The proceeds will be used to finance or refinance the costs to acquire, construct and equip health care facilities in Idaho and Michigan and to refund outstanding debt.
Issuer: | Trinity Health Credit Group/Idaho Health Facilities Authority/Michigan State Hospital Finance Authority
|
Issue: | Revenue and refunding bonds
|
Total amount: | $492 million
|
Type: | Negotiated
|
True interest cost: | 6.37%
|
Underwriters: | Merrill Lynch and Goldman, Sachs & Co.
|
Pricing date: | Oct. 28
|
Settlement date: | Nov. 13
|
|
Series 2008A-1, A-2
|
Amount: | $314 million
|
Coupons: | 5%-6.5%
|
Yields: | 5.25%-6.65%
|
Ratings: | Moody's: Aa2
|
| Fitch: AA
|
|
Series 2008B
|
Amount: | $178 million
|
Coupons: | 4.75%-6.25%
|
Yields: | 4.95%-6.5%
|
Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
© 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.