Published on 6/7/2012 in the Prospect News Municipals Daily.
New Issue: Michigan Finance sells $107.7 million of revenue refunding bonds for McLaren Health
By Sheri Kasprzak
New York, June 7 - The Michigan Finance Authority sold $107,695,000 of series 2012A hospital revenue refunding bonds for the McLaren Health Care Corp., according to a term sheet.
The bonds (Aa3//AA-) were sold through Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
The bonds are due 2013 to 2028 with a term bond due in 2035. The serial coupons range from 2% to 5%. The 2035 bonds have a split maturity with a 4% coupon priced at 98.083 and a 5% coupon priced at 107.002.
Proceeds will be used to refund the authority's series 1998A McLaren Health Care Corp. revenue refunding bonds and series 2003 and 2006 Petoskey Hospital Finance Authority limited obligation revenue and refunding bonds.
| Issuer: | Michigan Finance Authority/McLaren Health Care Corp.
|
| Issue: | Series 2012A hospital revenue refunding bonds
|
| Amount: | $107,695,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody's: Aa3
|
| Fitch: AA-
|
| Pricing date: | June 7
|
| Settlement date: | July 10
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.34 million | 2013 | Serial | 2% | NRO
|
| $1 million | 2014 | Serial | 3% | 104.025
|
| $4,295,000 | 2014 | Serial | 4% | 105.897
|
| $1 million | 2015 | Serial | 4% | 108.23
|
| $4,495,000 | 2015 | Serial | 5% | 111.068
|
| $5.76 million | 2016 | Serial | 5% | 113.872
|
| $6,055,000 | 2017 | Serial | 5% | 115.832
|
| $6,375,000 | 2018 | Serial | 5% | 116.896
|
| $6,695,000 | 2019 | Serial | 5% | 117.393
|
| $7,035,000 | 2020 | Serial | 5% | 117.332
|
| $7,385,000 | 2021 | Serial | 5% | 117.379
|
| $5,045,000 | 2022 | Serial | 5% | 117.192
|
| $500,000 | 2023 | Serial | 3% | 98.351
|
| $4,785,000 | 2023 | Serial | 5% | 115.339
|
| $5.53 million | 2024 | Serial | 5% | 113.521
|
| $5.79 million | 2025 | Serial | 5% | 112.002
|
| $6,065,000 | 2026 | Serial | 5% | 111.384
|
| $6,385,000 | 2027 | Serial | 5% | 110.683
|
| $5,215,000 | 2028 | Serial | 5% | 109.986
|
| $660,000 | 2035 | Term | 4% | 98.083
|
| $10,285,000 | 2035 | Term | 5% | 107.002
|
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