By Sheri Kasprzak
New York, Nov. 14 - The Advocate Health Care Network in Illinois sold $180 million in series 2008D revenue bonds, according to an official statement released Friday. The bonds were sold through the Illinois Finance Authority.
The bonds (Aa3/AA/AA) were sold on a negotiated basis with Citigroup Global Markets as the lead manager. Loop Capital Markets and Cabrera Capital Markets were the co-managers.
The bonds are due from 2009 to 2016 with term bonds due 2018, 2023, 2028 and 2038. The serials have coupons from 4% to 5.25% with yields from 1.5% to 5.33%. The 2018 bonds have a 5.5% coupon to yield 5.65%, the 2023 bonds have a 6.125% coupon to yield 6.33% and the 2028 bonds have a 6.25% coupon to yield 6.53%. The 2038 bonds have a 6.5% coupon to yield 6.75%.
Proceeds will be used to pay costs associated with the purchase of Advocate Condell Medical Center.
Issuer: | Advocate Health Care Network/Illinois Finance Authority
|
Issue: | Series 2008D revenue bonds
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Amount: | $180 million
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Type: | Negotiated
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Underwriters: | Citigroup Global Markets (lead); Loop Capital Markets and Cabrera Capital Markets (co-managers)
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Ratings: | Moody's: Aa3
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| Standard & Poor's: AA
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| Fitch: AA
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Pricing date: | Nov. 7
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Settlement date: | Dec. 1
|
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Maturity | Type | Coupon | Yield
|
2009 | Serial | 4% | 1.50%
|
2010 | Serial | 5% | 3.93%
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2011 | Serial | 4% | 4.20%
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2012 | Serial | 4.25% | 4.53%
|
2013 | Serial | 4.5% | 4.75%
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2014 | Serial | 5% | 4.93%
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2015 | Serial | 5% | 5.14%
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2016 | Serial | 5.25% | 5.33%
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2018 | Term | 5.5% | 5.65%
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2023 | Term | 6.125% | 6.33%
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2028 | Term | 6.25% | 6.53%
|
2038 | Term | 6.5% | 6.75%
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