Published on 7/5/2016 in the Prospect News Municipals Daily.
New Issue: Utah County, Utah, prices $185 million revenue bonds for IHC Health
By Sheri Kasprzak
New York, July 5 – Utah County, Utah, sold $185 million of series 2016B hospital revenue bonds for IHC Health Services Inc., according to a pricing sheet.
The bonds (Aa1/AA+) were sold through J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
The bonds are due 2017 to 2020 and 2022 to 2024 with term bonds due in 2026, 2046 and 2047. The serial coupons range from 4% to 5% with yields from 0.6% to 1.37%. The 2026 bonds have a 4% coupon priced at 122.071 to yield 1.57%. The 2046 bonds have a 5% coupon priced at 122.661 to yield 2.4%. The 2047 bonds have a 3% to 97.051 to yield 3.15% and a 4% coupon priced at 108.61 to yield 2.77%.
Proceeds will be used to finance a loan to the corporation for capital projects.
| Issuer: | Utah County, Utah/IHC Health Services Inc.
|
| Issue: | Series 2016B hospital revenue bonds
|
| Amount: | $185 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Wells Fargo Securities LLC (lead), Coastal Securities Inc., Frost Bank, Goldman Sachs & Co. and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| S&P: AA+
|
| Pricing date: | June 30
|
| Settlement date: | July 13
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,775,000 | 2017 | Serial | 4% | 102.84 | 0.60%
|
| $2.24 million | 2018 | Serial | 5% | 107.937 | 0.65%
|
| $2,925,000 | 2019 | Serial | 5% | 111.944 | 0.74%
|
| $4,495,000 | 2020 | Serial | 5% | 115.64 | 0.85%
|
| $10,335,000 | 2022 | Serial | 5% | 121.869 | 1.12%
|
| $3.47 million | 2023 | Serial | 5% | 124.802 | 1.21%
|
| $1,365,000 | 2024 | Serial | 5% | 126.891 | 1.37%
|
| $3.79 million | 2026 | Term | 4% | 122.071 | 1.57%
|
| $40 million | 2046 | Term | 5% | 122.661 | 2.40%
|
| $25.25 million | 2047 | Term | 3% | 97.051 | 3.15%
|
| $87,355,000 | 2047 | Term | 4% | 108.61 | 2.77%
|
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