Published on 4/25/2012 in the Prospect News Municipals Daily.
New Issue: Michigan Finance brings $149.7 million of revenue and refunding bonds for Oakwood
By Sheri Kasprzak
New York, April 25 - The Michigan Finance Authority sold $149.7 million of series 2012 hospital revenue and refunding bonds for the Oakwood Obligated Group, according to an official statement.
The bonds (A2/A/) were sold through senior manager RBC Capital Markets LLC.
The bonds are due 2013 to 2027 with term bonds due in 2032 and 2042. The coupons range from 3% to 5%. The 2032 bonds have a 5% coupon priced at 105.691, and the 2042 bonds have a 5% coupon priced at 103.639.
Proceeds will be used to construct, equip, acquire and renovate operating rooms, non-clinical space, pre-operative rooms and post-operative rooms at the Oakwood Heritage Hospital in Taylor, Mich., which is operated by Oakwood Obligated Group, as well as to refund existing debt.
| Issuer: | Michigan Finance Authority/Oakwood Obligated Group
|
| Issue: | Series 2012 hospital revenue and refunding bonds
|
| Amount: | $149.7 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Pricing date: | April 18
|
| Settlement date: | May 1
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,025,000 | 2013 | Serial | 3% | 102.97
|
| $5.61 million | 2014 | Serial | 3% | 104.218
|
| $5,795,000 | 2015 | Serial | 3% | 104.712
|
| $4,475,000 | 2016 | Serial | 4% | 108.745
|
| $4,645,000 | 2017 | Serial | 4% | 108.627
|
| $3.77 million | 2018 | Serial | 5% | 114.268
|
| $5,285,000 | 2019 | Serial | 5% | 114.353
|
| $5.54 million | 2020 | Serial | 5% | 113.622
|
| $5.9 million | 2021 | Serial | 5% | 113.33
|
| $8,295,000 | 2022 | Serial | 5% | 112.804
|
| $8,705,000 | 2023 | Serial | 5% | 111.042
|
| $9,145,000 | 2024 | Serial | 5% | 109.855
|
| $9.59 million | 2025 | Serial | 5% | 108.774
|
| $13,425,000 | 2026 | Serial | 5% | 107.882
|
| $14.09 million | 2027 | Serial | 5% | 107.087
|
| $19,005,000 | 2032 | Term | 5% | 105.691
|
| $24.4 million | 2042 | Term | 5% | 103.639
|
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