Published on 7/6/2016 in the Prospect News Municipals Daily.
New Issue: Northampton County General, Pa., sells $217.85 million St. Luke’s bonds
By Sheri Kasprzak
New York, July 6 – The Northampton County General Purpose Authority of Pennsylvania sold $217,845,000 of series 2016A hospital revenue bonds for St. Luke’s University Health Network, according to a pricing sheet.
The bonds (A3/A-/) were sold through BofA Merrill Lynch.
The bonds are due 2019 to 2036 with term bonds due in 2040 and 2046. The serial coupons range from 3% to 5% and yields from 1.26% to 3.28%. The 2040 bonds have a 4% coupon priced at 105.776 to yield 3.32% and the 2046 bonds have a 5% coupon priced at 117.454 to yield 2.98%.
Proceeds will be used to finance capital projects for the health network and to advance refund the authority’s series 2008A revenue bonds.
| Issuer: | Northampton County General Purpose Authority, Pa./St. Luke’s University Health Network
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| Issue: | Series 2016A hospital revenue bonds
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| Amount: | $217,845,000
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| Type: | Negotiated
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| Underwriter: | BofA Merrill Lynch (lead)
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| Ratings: | Moody’s: A3
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| S&P: A-
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| Pricing date: | June 24
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| Settlement date: | July 21
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4,505,000 | 2019 | Serial | 4% | 108.216 | 1.26%
|
| $4,715,000 | 2020 | Serial | 5% | 114.139 | 1.41%
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| $4.96 million | 2021 | Serial | 5% | 116.588 | 1.58%
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| $5.21 million | 2022 | Serial | 5% | 118.501 | 1.77%
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| $5.48 million | 2023 | Serial | 5% | 120.407 | 1.90%
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| $5,765,000 | 2024 | Serial | 5% | 122.078 | 2.02%
|
| $6,055,000 | 2025 | Serial | 5% | 123.177 | 2.17%
|
| $6.37 million | 2026 | Serial | 5% | 124.138 | 2.30%
|
| $6,695,000 | 2027 | Serial | 5% | 123.026 | 2.41%
|
| $7,035,000 | 2028 | Serial | 5% | 122.325 | 2.48%
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| $7.4 million | 2029 | Serial | 5% | 121.728 | 2.54%
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| $7,775,000 | 2030 | Serial | 5% | 121.036 | 2.61%
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| $8.18 million | 2031 | Serial | 5% | 120.544 | 2.66%
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| $8.51 million | 2032 | Serial | 3% | 97.871 | 3.17%
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| $8.77 million | 2033 | Serial | 3% | 97.512 | 3.19%
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| $9,085,000 | 2034 | Serial | 4% | 107.461 | 3.13%
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| $9.41 million | 2035 | Serial | 3.125% | 97.814 | 3.28%
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| $9.8 million | 2036 | Serial | 5% | 118.602 | 2.86%
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| $36,215,000 | 2040 | Term | 4% | 105.776 | 3.32%
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| $55.91 million | 2046 | Term | 5% | 117.454 | 2.98%
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