Published on 1/28/2013 in the Prospect News Municipals Daily.
New Issue: Illinois Finance brings $61.86 million revenue bonds for Ingalls Health
By Sheri Kasprzak
New York, Jan. 28 - The Illinois Finance Authority sold $61.86 million of series 2013 revenue bonds for the Ingalls Health System, according to a pricing sheet.
The bonds (Baa1) were sold through Bank of America Merrill Lynch.
The bonds are due 2017 to 2028 with term bonds due in 2033 and 2043. The serial coupons range from 3.5% to 5% with yields from 2% to 3.80%. The 2033 bonds have a 4% coupon priced at 98.762 to yield 4.09%. The 2043 bonds have a split maturity with a 4.25% coupon priced at 98.320 to yield 4.35% and a 5% coupon priced at 106.165 to yield 4.19%.
Proceeds will be used to refund the Illinois Health Facilities Authority's series 1994 revenue bonds.
| Issuer: | Illinois Finance Authority/Ingalls Health System
|
| Issue: | Series 2013 revenue bonds
|
| Amount: | $61.86 million
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch
|
| Ratings: | Moody's: Baa1
|
| Pricing date: | Jan. 17
|
| Settlement date: | Feb. 6
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $295,000 | 2017 | Serial | 5% | 112.230 | 2.00%
|
| $650,000 | 2018 | Serial | 4% | 109.020 | 2.18%
|
| $770,000 | 2019 | Serial | 4% | 109.022 | 2.44%
|
| $895,000 | 2020 | Serial | 5% | 115.166 | 2.69%
|
| $1,035,000 | 2021 | Serial | 5% | 115.267 | 2.90%
|
| $1.21 million | 2022 | Serial | 5% | 115.035 | 3.12%
|
| $1.39 million | 2023 | Serial | 5% | 113.483 | 3.30%
|
| $1,575,000 | 2024 | Serial | 5% | 112.716 | 3.39%
|
| $1.12 million | 2025 | Serial | 5% | 112.039 | 3.47%
|
| $1,175,000 | 2026 | Serial | 5% | 111.452 | 3.54%
|
| $1,235,000 | 2027 | Serial | 3.5% | 97.468 | 3.73%
|
| $1.29 million | 2028 | Serial | 3.625% | 97.981 | 3.80%
|
| $7.22 million | 2033 | Term | 4% | 98.762 | 4.09%
|
| $10 million | 2043 | Term | 4.25% | 98.320 | 4.35%
|
| $32 million | 2043 | Term | 5% | 106.165 | 4.19%
|
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