Published on 8/16/2012 in the Prospect News Municipals Daily.
New Issue: Michigan Finance sells $98.21 million of Sparrow Obligated Group hospital revenue bonds
By Sheri Kasprzak
New York, Aug. 16 - The Michigan Finance Authority sold $98,205,000 of series 2012 hospital revenue bonds for the Sparrow Obligated Group, said a pricing sheet.
The bonds (A1) were sold through RBC Capital Markets LLC with PNC Capital Markets LLC as the co-manager.
The bonds are due 2017 to 2027 with term bonds due in 2036 and 2042. The serial coupons range from 4% to 5%. The 2036 bonds have a 5% coupon priced at 108.149, and the 2042 bonds have a 5% coupon priced at 107.194.
Proceeds will be used to construct, renovate and equip the main hospital campus and ambulatory sites.
| Issuer: | Michigan Finance Authority/Sparrow Obligated Group
|
| Issue: | Series 2012 hospital revenue bonds
|
| Amount: | $98,205,000
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), PNC Capital Markets LLC (co-manager)
|
| Ratings: | Moody's: A1
|
| Pricing date: | Aug. 16
|
| Settlement date: | Aug. 21
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.93 million | 2017 | Serial | 4% | 111.787
|
| $2,005,000 | 2018 | Serial | 4% | 111.663
|
| $2,085,000 | 2019 | Serial | 4% | 110.843
|
| $2.17 million | 2020 | Serial | 4% | 109.536
|
| $2.26 million | 2021 | Serial | 4% | 108.597
|
| $2.35 million | 2022 | Serial | 4% | 107.745
|
| $2.44 million | 2023 | Serial | 5% | 115.22
|
| $2,565,000 | 2024 | Serial | 5% | 114.657
|
| $2.69 million | 2025 | Serial | 5% | 113.818
|
| $2,825,000 | 2026 | Serial | 5% | 113.171
|
| $2.97 million | 2027 | Serial | 5% | 112.528
|
| $34.35 million | 2036 | Term | 5% | 108.149
|
| $37,565,000 | 2042 | Term | 5% | 107.194
|
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