New Issue: Grand Traverse County Hospital, Mich., sells $57.3 million Munson debt

By Sheri Kasprzak

New York, Dec. 5 – The Grand Traverse County Hospital Finance Authority of Michigan sold $57,295,000 of series 2014 revenue bonds for the Munson Healthcare Obligated Group, said a pricing sheet.

The deal included $27.62 million of series 2014A bonds, $13,805,000 of series 2014B bonds and $15.87 million of series 2014C bonds.

The 2014A bonds are due 2044 and 2047 with 5% coupons and 3.71% to 3.77% yields.

The 2014B bonds are due 2015 to 2034 with term bonds due in 2039 and 2044. The serial bonds have 4% coupons with yields from 0.22% to 3.76%. The 2039 bonds have a 4% coupon priced at 99.379 to yield 4.04%, and the 2044 bonds have a 4% coupon priced at 98.463 to yield 4.09%.

The 2014C bonds are due 2015 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 3% to 5% and yields from 0.22% to 3.48%. The 2039 bonds have a 4% coupon priced at 99.379 to yield 4.04%, and the 2044 bonds have a 4% coupon priced at 98.463 to yield 4.09%.

The bonds (A1//AA-) were sold through BofA Merrill Lynch.

Proceeds will be used to finance the construction and equipment of the Cowell Family Cancer Center in Traverse City, Mich.

Issuer:	Grand Traverse County Hospital Finance Authority/Munson Healthcare Obligated Group
Issue:	Series 2014 revenue bonds
Amount:	$57,295,000
Type:	Negotiated
Underwriters:	BofA Merrill Lynch (lead)
Ratings:	Moody’s: A1
	Fitch: AA-
Pricing date:	Dec. 4
Settlement date:	Dec. 17
$27.62 million series 2014A bonds
Amount	Maturity	Type	Coupon	Price	Yield
$10,015,000	2044	Term	5%	110.282	3.71%
$17,605,000	2047	Term	5%	109.776	3.77%
$13,805,000 series 2014B bonds
Amount	Maturity	Type	Coupon	Price	Yield
$225,000	2015	Serial	4%	102.034	0.22%
$255,000	2016	Serial	4%	105.406	0.47%
$265,000	2017	Serial	4%	107.973	0.82%
$275,000	2018	Serial	4%	109.745	1.18%
$285,000	2019	Serial	4%	110.929	1.50%
$295,000	2020	Serial	4%	111.436	1.82%
$310,000	2021	Serial	4%	111.421	2.12%
$320,000	2022	Serial	4%	111.118	2.38%
$335,000	2023	Serial	4%	110.819	2.58%
$350,000	2024	Serial	4%	110.512	2.74%
$360,000	2025	Serial	4%	108.587	2.96%
$375,000	2026	Serial	4%	107.125	3.13%
$395,000	2027	Serial	4%	106.023	3.26%
$410,000	2028	Serial	4%	104.685	3.42%
$425,000	2029	Serial	4%	103.777	3.53%
$445,000	2030	Serial	4%	103.367	3.58%
$460,000	2031	Serial	4%	102.959	3.63%
$480,000	2032	Serial	4%	102.553	3.68%
$500,000	2033	Serial	4%	102.31	3.71%
$520,000	2034	Serial	4%	101.907	3.76%
$2,935,000	2039	Term	4%	99.379	4.04%
$3,585,000	2044	Term	4%	98.463	4.09%
$15.87 million series 2014C bonds
Amount	Maturity	Type	Coupon	Price	Yield
$280,000	2015	Serial	3%	101.496	0.22%
$310,000	2016	Serial	3%	103.874	0.47%
$320,000	2017	Serial	3%	105.466	0.82%
$330,000	2018	Serial	3%	106.289	1.18%
$340,000	2019	Serial	3%	106.557	1.50%
$350,000	2020	Serial	3%	106.19	1.82%
$360,000	2021	Serial	3%	105.346	2.12%
$375,000	2022	Serial	3%	104.255	2.38%
$390,000	2023	Serial	5%	118.439	2.58%
$405,000	2024	Serial	3%	102.168	2.74%
$415,000	2025	Serial	3%	99.551	3.05%
$430,000	2026	Serial	3%	98.082	3.20%
$445,000	2027	Serial	3.125%	97.911	3.33%
$460,000	2028	Serial	4%	104.685	3.42%
$480,000	2029	Serial	4%	103.777	3.53%
$495,000	2030	Serial	4%	103.367	3.58%
$520,000	2031	Serial	4%	102.959	3.63%
$540,000	2032	Serial	4%	102.553	3.68%
$565,000	2033	Serial	5%	112.679	3.43%
$590,000	2034	Serial	5%	112.247	3.48%
$3.36 million	2039	Term	4%	99.379	4.04%
$4.11 million	2044	Term	4%	98.463	4.09%

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