Published on 5/5/2016 in the Prospect News Municipals Daily.
New Issue: Illinois Finance prices $475.02 million of Mercy Health revenue bonds
By Sheri Kasprzak
New York, May 5 – The Illinois Finance Authority brought $475.02 million of series 2016 revenue bonds for Mercy Health, said a pricing sheet. The deal size was cut from $484.94 million.
The bonds (A3) were sold through senior managers J.P. Morgan Securities LLC and Ziegler Inc.
The bonds are due 2020 to 2036 with term bonds due in 2040 and 2046. The serial coupons range from 1.5% to 5% with yields from 1.50% to 3.41%. The 2040 bonds have a 4% coupon priced at 103.684 to yield 3.56% and a 5% coupon priced at 115.16 to yield 3.22%. The 2046 bonds have a 4% coupon priced at 103.087 to yield 3.63% and a 5% coupon priced at 114.514 to yield 3.29%.
Proceeds will be used to refund the health system’s series 2008, 2010A and 2012 revenue bonds.
| Issuer: | Illinois Finance Authority/Mercy Health
|
| Issue: | Series 2016 revenue bonds
|
| Amount: | $475.02 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Ziegler Inc. (lead)
|
| Rating: | Moody’s: A3
|
| Pricing date: | May 4
|
| Settlement date: | May 18
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $395,000 | 2020 | Serial | 1.5% | 100 | 1.50%
|
| $9,225,000 | 2021 | Serial | 5% | 118.643 | 1.48%
|
| $8.4 million | 2022 | Serial | 5% | 120.812 | 1.63%
|
| $8.76 million | 2023 | Serial | 5% | 122.377 | 1.81%
|
| $7.87 million | 2024 | Serial | 5% | 123.61 | 1.98%
|
| $11.46 million | 2025 | Serial | 5% | 124.064 | 2.19%
|
| $8.44 million | 2026 | Serial | 5% | 123.871 | 2.32%
|
| $8,875,000 | 2027 | Serial | 5% | 121.671 | 2.54%
|
| $9.28 million | 2028 | Serial | 4% | 109.24 | 2.93%
|
| $9.71 million | 2029 | Serial | 5% | 120.1 | 2.70%
|
| $10,155,000 | 2030 | Serial | 4% | 108.249 | 3.04%
|
| $10.57 million | 2031 | Serial | 4% | 107.71 | 3.10%
|
| $11 million | 2032 | Serial | 4% | 107.175 | 3.16%
|
| $11.51 million | 2033 | Serial | 5% | 118.171 | 2.90%
|
| $12.1 million | 2034 | Serial | 5% | 117.599 | 2.96%
|
| $12,655,000 | 2035 | Serial | 4% | 105.325 | 3.37%
|
| $13,175,000 | 2036 | Serial | 4% | 104.977 | 3.41%
|
| $12.5 million | 2040 | Term | 4% | 103.684 | 3.56%
|
| $76,475,000 | 2040 | Term | 5% | 115.16 | 3.22%
|
| $22.41 million | 2046 | Term | 4% | 103.087 | 3.63%
|
| $200,055,000 | 2046 | Term | 5% | 114.514 | 3.29%
|
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