By Sheri Kasprzak
New York, Oct. 14 - The State of Ohio priced $195.705 million of series 2011A hospital revenue refunding bonds for the Cleveland Clinic Health System Obligated Group, according to a pricing sheet.
The bonds (Aa2/AA-) were sold through J.P. Morgan Securities LLC. The co-managers were PNC Capital Markets LLC, US Bancorp and Wells Fargo Securities LLC.
The bonds are due 2012 to 2025 with term bonds due in 2030 and 2032. The serial coupons range from 0.5% to 5%. The 2030 bonds have a 4.625% coupon priced at 98.964, and the 2032 bonds have a 5% coupon priced at 101.24.
Proceeds will be used to prepay the obligated group's series 2003A hospital revenue bonds.
| Issuer: | State of Ohio/Cleveland Clinic Health System Obligated Group
|
| Issue: | Series 2011A hospital revenue refunding bonds
|
| Amount: | $195.705 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead); PNC Capital Markets LLC, US Bancorp and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Pricing date: | Oct. 14
|
| Settlement date: | Nov. 2
|
|
|
| $195.705 million 2011A
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.805 million | 2012 | Serial | 0.5% | 100.049
|
| $890,000 | 2013 | Serial | 4% | 103.687
|
| $925,000 | 2014 | Serial | 4% | 105.851
|
| $4.395 million | 2015 | Serial | 3% | 104.017
|
| $4.51 million | 2015 | Serial | 5% | 110.153
|
| $4.15 million | 2016 | Serial | 4% | 107.783
|
| $5 million | 2016 | Serial | 5% | 111.755
|
| $2.15 million | 2017 | Serial | 4% | 107.472
|
| $9.275 million | 2017 | Serial | 5% | 112.295
|
| $540,000 | 2018 | Serial | 4% | 106.805
|
| $11.42 million | 2018 | Serial | 5% | 112.432
|
| $4.07 million | 2019 | Serial | 4% | 105.409
|
| $8.455 million | 2019 | Serial | 5% | 111.777
|
| $3.11 million | 2020 | Serial | 4% | 103.736
|
| $11.99 million | 2020 | Serial | 5% | 110.791
|
| $845,000 | 2021 | Serial | 4% | 102.937
|
| $13.79 million | 2021 | Serial | 5% | 110.676
|
| $2.42 million | 2022 | Serial | 4% | 101.376
|
| $12.88 million | 2022 | Serial | 5% | 109.046
|
| $2.495 million | 2023 | Serial | 4% | 100.377
|
| $13.57 million | 2023 | Serial | 5% | 108.002
|
| $16.825 million | 2024 | Serial | 5% | 106.97
|
| $16.46 million | 2025 | Serial | 5% | 105.949
|
| $10.155 million | 2030 | Term | 4.625% | 98.964
|
| $31.58 million | 2032 | Term | 5% | 101.24
|
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