By Sheri Kasprzak
New York, March 18 - The state of Ohio priced $175 million in series 2009A hospital revenue bonds for the University Hospitals Health System, according to an official statement.
The bonds (A2/A/) were sold on March 13 through lead manager Citigroup Global Markets Inc. The co-managers were Merrill Lynch & Co. Inc., KeyBanc Capital Markets Inc. and NatCity Investments Inc.
The bonds are due 2011 to 2019 with term bonds due 2029, 2029, 2039 and 2039. The serials have coupons from 4% to 5.5% and yields from 3.4% to 5.5%. The 2029 bonds have a 6.5% coupon to yield 6.7%, and the other 2029 bonds have a 6.375% coupon to yield 6.7%. The 2039 bonds have a 7% coupon priced at par, and the other 2039 bonds have a 6.75% coupon to yield 7%.
Proceeds will be used to construct a new emergency department at the University Hospitals Case Medical Center, a new intensive care unit at the Rainbows Babies and Children's Hospital, a new ambulatory and inpatient center and administrative buildings.
| Issuer: | State of Ohio/University Hospitals Health System
|
| Issue: | Series 2009A hospital revenue bonds
|
| Amount: | $175 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead); Merrill Lynch & Co. Inc.; KeyBanc Capital Markets Inc.; and NatCity Investments Inc. (co-managers)
|
| Pricing date: | March 13
|
| Settlement date: | March 24
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 4% | 3.40%
|
| 2012 | Serial | 4% | 3.75%
|
| 2013 | Serial | 4% | 4.16%
|
| 2014 | Serial | 4.5% | 4.55%
|
| 2015 | Serial | 4.75% | 4.75%
|
| 2016 | Serial | 5% | 5.00%
|
| 2017 | Serial | 5.2% | 5.20%
|
| 2018 | Serial | 5.25% | 5.35%
|
| 2019 | Serial | 5.5% | 5.50%
|
| 2029 | Term | 6.5% | 6.70%
|
| 2029 | Term | 6.375% | 6.70%
|
| 2039 | Term | 7% | 7.00%
|
| 2039 | Term | 6.75% | 7.00%
|
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