By Sheri Kasprzak
New York, June 5 - St. Luke's Hospital & Health Network of Pennsylvania priced $175 million in series 2008A hospital revenue bonds, according to an official statement.
The bonds (Baa1/BBB+/) were sold on a negotiated basis by lead managers Merrill Lynch and Wachovia Bank.
The sale was made through the Northampton County General Purpose Authority.
The bonds are due from 2019 to 2024 with term bonds due 2028, 2035 and 2040. The coupons range from 5% to 5.5% with yields from 5.01% to 5.66%.
Proceeds from the sale will be used for the construction and equipment of a new medical campus, the funding of capital improvement projects, the acquisition of a health and wellness center, the acquisition of a parcel of land and a deposit to a debt service reserve fund.
| Issuer: | St. Luke's Hospital & Health Network/Northampton County General Purpose Authority
|
| Issue: | Series 2008A hospital revenue bonds
|
| Amount: | $175 million
|
| Type: | Negotiated
|
| Underwriters: | Merrill Lynch and Wachovia Bank
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Pricing date: | June 3
|
| Settlement date: | June 12
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2019 | Serial | 5% | 5.01%
|
| 2020 | Serial | 5% | 5.11%
|
| 2021 | Serial | 5.125% | 5.19%
|
| 2022 | Serial | 5.25% | 5.26%
|
| 2023 | Serial | 5.25% | 5.32%
|
| 2024 | Serial | 5.25% | 5.37%
|
| 2028 | Term | 5.375% | 5.49%
|
| 2035 | Term | 5.5% | 5.60%
|
| 2040 | Term | 5.5% | 5.66%
|
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