Published on 1/21/2014 in the Prospect News Municipals Daily.
New Issue: Illinois Finance brings $60 million of Memorial Health revenue bonds
By Sheri Kasprzak
New York, Jan. 21 - The Illinois Finance Authority sold $60 million of series 2014A revenue bonds for Memorial Health System, according to a pricing sheet.
The bonds (A1/A+/) were sold through Piper Jaffray & Co.
The bonds are due 2017 to 2025 with term bonds due in 2027, 2029, 2035 and 2044. The serial coupons range from 3.5% to 5% with 1.19% to 4.18% yields. The 2027 bonds have a 4.25% coupon priced at 98.190 to yield 4.43%. The 2029 bonds have a 4.5% coupon priced at 98.250 to yield 4.66%, and the 2035 bonds have a 5% coupon priced at 98.701 to yield 5.1%. The 2044 bonds have a 5.25% coupon priced at 99.094 to yield 5.31%.
Proceeds will be used to construct and equip a new patient tower, construct and equip a learning center, construct and equip an expansion to operating room facilities, renovate and improve the main lobby and waiting area and improve other facilities for Memorial Health.
| Issuer: | Illinois Finance Authority/Memorial Health System
|
| Issue: | Series 2014A revenue bonds
|
| Amount: | $60 million
|
| Type: | Negotiated
|
| Underwriter: | Piper Jaffray & Co.
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Pricing date: | Jan. 15
|
| Settlement date: | Jan. 30
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.07 million | 2017 | Serial | 5% | 112.728 | 1.19%
|
| $1,125,000 | 2018 | Serial | 5% | 114.680 | 1.55%
|
| $1.18 million | 2019 | Serial | 5% | 115.389 | 1.99%
|
| $1.24 million | 2020 | Serial | 5% | 114.612 | 2.52%
|
| $1,305,000 | 2021 | Serial | 3.5% | 103.033 | 3.04%
|
| $1.35 million | 2022 | Serial | 4% | 104.507 | 3.38%
|
| $1.4 million | 2023 | Serial | 5% | 110.676 | 3.65%
|
| $1.47 million | 2024 | Serial | 5% | 108.516 | 3.91%
|
| $1,545,000 | 2025 | Serial | 4% | 98.375 | 4.18%
|
| $3,285,000 | 2027 | Term | 4.25% | 98.190 | 4.43%
|
| $3.57 million | 2029 | Term | 4.5% | 98.250 | 4.66%
|
| $12,985,000 | 2035 | Term | 5% | 98.701 | 5.1%
|
| $28,475,000 | 2044 | Term | 5.25% | 99.094 | 5.31%
|
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