Published on 5/20/2016 in the Prospect News Municipals Daily.
New Issue: Illinois Finance sells $222.59 million UnityPoint Health revenue bonds
By Sheri Kasprzak
New York, May 20 – The Illinois Finance Authority sold $222.59 million of series 2016 health facilities revenue bonds for UnityPoint Health, according to a pricing sheet. The deal was upsized from $214,835,000.
The deal included $45.82 million of series 2016D bonds and $176.77 million of series 2016E bonds.
The 2016D bonds are due 2017 to 2025 with a term bond due in 2046. The serial coupons range from 4% to 5% with yields from 0.74% to 1.86%. The 2046 bonds have a 4% coupon priced at 105.336 to yield 3.35%.
The 2016E bonds are due 2016 to 2037 with a term bond due in 2046. The serial coupons range from 2% to 5% with yields from 0.55% to 3.14%. The 2046 bonds have a 4% coupon priced at 105.76 to yield 3.3%.
The bonds (Aa3//AA-) were sold through senior managers Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC.
Proceeds will be used to finance capital improvements for the health care system, as well as to refund the health system’s series 2006A revenue bonds.
| Issuer: | Illinois Finance Authority/UnityPoint Health
|
| Issue: | Series 2016 health facilities revenue bonds
|
| Amount: | $222.59 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC (lead), Barclays, Citigroup Global Markets Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Fitch: AA-
|
| Pricing date: | May 19
|
| Settlement date: | June 7
|
|
|
| $45.82 million series 2016D bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.72 million | 2017 | Serial | 4% | 102.235 | 0.74%
|
| $1,795,000 | 2018 | Serial | 5% | 106.907 | 0.87%
|
| $1,885,000 | 2019 | Serial | 5% | 110.584 | 1.00%
|
| $1.98 million | 2020 | Serial | 5% | 113.903 | 1.14%
|
| $2.08 million | 2021 | Serial | 5% | 116.925 | 1.27%
|
| $2.18 million | 2022 | Serial | 5% | 119.557 | 1.41%
|
| $2.29 million | 2023 | Serial | 5% | 121.767 | 1.56%
|
| $2.41 million | 2024 | Serial | 5% | 123.607 | 1.71%
|
| $2.1 million | 2025 | Serial | 5% | 125.082 | 1.86%
|
| $27.38 million | 2046 | Term | 4% | 105.336 | 3.35%
|
|
|
| $176.77 million series 2016E bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4.67 million | 2016 | Serial | 2% | 100.272 | 0.55%
|
| $3.41 million | 2017 | Serial | 4% | 103.862 | 0.73%
|
| $3.56 million | 2018 | Serial | 5% | 108.979 | 0.85%
|
| $3.72 million | 2019 | Serial | 5% | 112.589 | 0.98%
|
| $3,255,000 | 2020 | Serial | 5% | 115.877 | 1.11%
|
| $3,405,000 | 2021 | Serial | 5% | 118.837 | 1.24%
|
| $3.55 million | 2022 | Serial | 5% | 121.334 | 1.39%
|
| $3.7 million | 2023 | Serial | 5% | 123.458 | 1.54%
|
| $3,795,000 | 2024 | Serial | 5% | 125.124 | 1.70%
|
| $3,945,000 | 2025 | Serial | 5% | 126.503 | 1.85%
|
| $4.09 million | 2026 | Serial | 5% | 126.301 | 2.00%
|
| $4,235,000 | 2027 | Serial | 5% | 124.605 | 2.17%
|
| $4.43 million | 2029 | Serial | 5% | 123.131 | 2.32%
|
| $4,625,000 | 2030 | Serial | 5% | 122.742 | 2.36%
|
| $4,755,000 | 2031 | Serial | 5% | 122.064 | 2.43%
|
| $4.93 million | 2032 | Serial | 5% | 121.486 | 2.49%
|
| $5,105,000 | 2033 | Serial | 5% | 120.911 | 2.55%
|
| $5,275,000 | 2034 | Serial | 5% | 120.34 | 2.61%
|
| $5.44 million | 2035 | Serial | 4% | 108 | 3.04%
|
| $30,855,000 | 2036 | Serial | 4% | 107.565 | 3.09%
|
| $31,645,000 | 2037 | Serial | 4% | 107.132 | 3.14%
|
| $34,375,000 | 2046 | Term | 4% | 105.76 | 3.30%
|
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