Published on 12/8/2011 in the Prospect News Municipals Daily.
New Issue: Middleburg Heights, Ohio, prices $63.05 million Southwest General bonds
By Sheri Kasprzak
New York, Dec. 8 - The City of Middleburg Heights, Ohio, sold $63,045,000 of series 2011 hospital facilities revenue and refunding bonds on behalf of Southwest General Health System, according to a pricing sheet.
The offering was sold through Ziegler Capital Markets Inc. and PNC Capital Markets LLC.
The bonds (A2) are due 2015 to 2021 with term bonds due in 2026, 2031, 2036 and 2041. The serial coupons range from 3% to 5%. The 2026 bonds have a split maturity with a 4.5% coupon priced at 97.588 and a 5.25% coupon priced at 104.209. The 2031 bonds have a 5.125% coupon priced at 99.321. The 2036 bonds have a 5.25% coupon priced at 99.446 and the 2041 bonds have a 5.25% coupon priced at 98.956.
Proceeds will be used to construct, acquire, equip and install a new 30,000 square-foot emergency department, construct a parking garage, repurpose the existing emergency department and expand and reallocate critical care beds, as well as refund the health center's series 1995 revenue bonds.
| Issuer: | City of Middleburg Heights, Ohio/Southwest General Health System
|
| Issue: | Series 2011 hospital facilities revenue and refunding bonds
|
| Amount: | $63.045 million
|
| Type: | Negotiated
|
| Underwriters: | Ziegler Capital Markets Inc. and PNC Capital Markets LLC
|
| Rating: | Moody's: A2
|
| Pricing date: | Dec. 8
|
| Settlement date: | Dec. 20
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $175,000 | 2015 | Serial | 3% | 101.024
|
| $235,000 | 2016 | Serial | 3% | 100.642
|
| $300,000 | 2017 | Serial | 3% | 100
|
| $360,000 | 2018 | Serial | 3% | 98.814
|
| $430,000 | 2019 | Serial | 3.25% | 98.668
|
| $500,000 | 2020 | Serial | 3.5% | 98.171
|
| $1.515 million | 2021 | Serial | 5% | 108.744
|
| $3.115 million | 2026 | Term | 4.5% | 97.588
|
| $3.13 million | 2026 | Term | 5.25% | 104.209
|
| $9.8 million | 2031 | Term | 5.125% | 99.321
|
| $16.255 million | 2036 | Term | 5.25% | 99.446
|
| $27.23 million | 2041 | Term | 5.25% | 98.956
|
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