Published on 3/25/2015 in the Prospect News Municipals Daily.
New Issue: McLaren Health Care, Mich., offers up $96.29 million of taxable bonds
By Sheri Kasprzak
New York, March 25 – The McLaren Health Care Inc. of Michigan sold $96,295,000 of series 2015C taxable bonds, according to an official statement.
The bonds (Aa3//AA-) were sold through J.P. Morgan Securities LLC.
The bonds are due 2016 to 2032 with a term bond due in 2038. The serial coupons range from 1.04% to 4.233% all priced at par. The 2038 bonds have a 4.534% coupon priced at par.
Proceeds will be used to refund the corporation’s series 2008A revenue bonds.
Issuer: | McLaren Health Care Inc.
|
Issue: | Series 2015C taxable bonds
|
Amount: | $96,295,000
|
Type: | Negotiated
|
Underwriter: | J.P. Morgan Securities LLC (lead)
|
Ratings: | Moody’s: Aa3
|
| Fitch: AA-
|
Pricing date: | March 18
|
Settlement date: | March 31
|
|
Amount | Maturity | Type | Coupon | Price
|
$3.04 million | 2016 | Serial | 1.04% | 100
|
$3,065,000 | 2017 | Serial | 1.428% | 100
|
$3.1 million | 2018 | Serial | 1.964% | 100
|
$3.15 million | 2019 | Serial | 2.391% | 100
|
$3.22 million | 2020 | Serial | 2.741% | 100
|
$3,345,000 | 2021 | Serial | 2.926% | 100
|
$3.35 million | 2022 | Serial | 3.146% | 100
|
$3.49 million | 2023 | Serial | 3.283% | 100
|
$3,595,000 | 2024 | Serial | 3.433% | 100
|
$3.71 million | 2025 | Serial | 3.533% | 100
|
$3,835,000 | 2026 | Serial | 3.633% | 100
|
$4 million | 2027 | Serial | 3.733% | 100
|
$4,425,000 | 2030 | Serial | 4.033% | 100
|
$4.67 million | 2031 | Serial | 4.133% | 100
|
$4,805,000 | 2032 | Serial | 4.233% | 100
|
$41,495,000 | 2038 | Term | 4.534% | 100
|
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