Published on 7/31/2012 in the Prospect News Municipals Daily.
New Issue: Fairfax County IDA, Va., prices $350 million of revenue bonds for Inova Health
By Sheri Kasprzak
New York, July 31 - The Fairfax County Industrial Development Authority of Virginia sold $350 million of series 2012 health care revenue bonds for Inova Health System, according to a pricing sheet.
The deal included $290 million of series 2012A bonds and $60 million of series 2012B bonds.
The 2012A bonds are due 2013 to 2027 with term bonds due in 2032, 2035, 2037, 2040 and 2042. The serial coupons range from 2.25% to 5%. The 2032 bonds have a 3.625% coupon priced at 98.952, and the 2035 bonds have a 5% coupon priced at 112.711. The 2040 bonds have a 5% coupon priced at 111.659, and the 2042 bonds have a 4% coupon priced at 99.477.
The 2012B bonds are due in 2022 with a 3% coupon priced at 105.62, a 4% coupon priced at 114.27 and a 5% coupon priced at 112.921.
Proceeds will be used to finance new hospital additions.
| Issuer: | Fairfax County Industrial Development Authority/Inova Health System
|
| Issue: | Series 2012 health care revenue bonds
|
| Amount: | $350 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead); Citigroup Global Markets Inc., TD Securities (USA) LLC, BB&T Capital Markets LLC, Raymond James/Morgan Keegan and Edward D. Jones & Co. LP (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 23
|
|
|
| $290 million series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.13 million | 2013 | Serial | 3% | NRO
|
| $3.99 million | 2014 | Serial | 3% | 104.507
|
| $4,255,000 | 2015 | Serial | 4% | 109.241
|
| $4,395,000 | 2016 | Serial | 4% | 111.806
|
| $4,465,000 | 2017 | Serial | 2.25% | 105.141
|
| $3.44 million | 2018 | Serial | 4% | 114.438
|
| $3.4 million | 2019 | Serial | 5% | 121.246
|
| $3.32 million | 2020 | Serial | 4% | 114.406
|
| $3,275,000 | 2021 | Serial | 5% | 122.121
|
| $3.28 million | 2022 | Serial | 4% | 114.27
|
| $2,935,000 | 2023 | Serial | 5% | 121.273
|
| $2.67 million | 2024 | Serial | 5% | 120.221
|
| $2.55 million | 2025 | Serial | 5% | 119.18
|
| $1,905,000 | 2026 | Serial | 4% | 109.885
|
| $1,705,000 | 2027 | Serial | 4% | 109.262
|
| $5,195,000 | 2032 | Term | 3.625% | 98.952
|
| $15 million | 2035 | Term | 5% | 112.711
|
| $35 million | 2037 | Term | 5% | 111.921
|
| $85.09 million | 2040 | Term | 5% | 111.659
|
| $100 million | 2042 | Term | 4% | 99.477
|
|
|
| $60 million series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2 million | 2022 | Term | 3% | 105.62
|
| $25 million | 2022 | Term | 4% | 114.27
|
| $33 million | 2022 | Term | 5% | 122.921
|
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