Published on 4/25/2012 in the Prospect News Municipals Daily.
New Issue: Ohio prices $472.82 million hospital revenue bonds for Cleveland Clinic
By Sheri Kasprzak
New York, April 25 - The State of Ohio priced $472.82 million of series 2012A hospital revenue 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 Bank of America Merrill Lynch, PNC Capital Markets LLC, Citigroup Global Markets Inc., US Bancorp and Wells Fargo Securities LLC.
The bonds are due 2013 and 2016 to 2032 with term bonds due in 2034, 2038 and 2039. The serial coupons range from 2% to 5%. The 2034 bonds have a split maturity with a 4% coupon priced at par and a 5% coupon priced at 119.24. The 2038 bonds have a 5% coupon priced at 118.086. The 2039 bonds have a 4% coupon priced at 98.863.
Proceeds will be used to acquire, equip, construct and renovate Cleveland Clinic facilities, as well as to advance refund the obligated group's series 2003A and 2009B-2 revenue bonds.
| Issuer: | State of Ohio/Cleveland Clinic Health System Obligated Group
|
| Issue: | Series 2012A hospital revenue bonds
|
| Amount: | $478.82 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Bank of America Merrill Lynch, PNC Capital Markets LLC, Citigroup Global Markets Inc., US Bancorp and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Pricing date: | April 25
|
| Settlement date: | May 9
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,335,000 | 2013 | Serial | 2% | 101.165
|
| $1.7 million | 2016 | Serial | 2% | 103.678
|
| $7,705,000 | 2016 | Serial | 4% | 110.823
|
| $1.05 million | 2017 | Serial | 3% | 107.965
|
| $7,075,000 | 2017 | Serial | 5% | 116.966
|
| $1,395,000 | 2018 | Serial | 3% | 107.862
|
| $9,815,000 | 2018 | Serial | 5% | 118.634
|
| $9,215,000 | 2019 | Serial | 5% | 119.953
|
| $1.82 million | 2020 | Serial | 3% | 106.542
|
| $7,885,000 | 2020 | Serial | 5% | 120.615
|
| $3 million | 2021 | Serial | 4% | 113.088
|
| $7.28 million | 2021 | Serial | 5% | 120.879
|
| $515,000 | 2022 | Serial | 4% | 112.781
|
| $10,285,000 | 2022 | Serial | 5% | 121.303
|
| $2,375,000 | 2023 | Serial | 3% | 102.012
|
| $8,925,000 | 2023 | Serial | 5% | 121.668
|
| $2,285,000 | 2024 | Serial | 3% | 100
|
| $9,615,000 | 2024 | Serial | 5% | 121.839
|
| $12,615,000 | 2025 | Serial | 5% | 121.383
|
| $29.99 million | 2026 | Serial | 5% | 120.88
|
| $7,685,000 | 2027 | Serial | 3.375% | 98.236
|
| $16.77 million | 2027 | Serial | 5% | 120.91
|
| $25.7 million | 2028 | Serial | 5% | 120.776
|
| $26.98 million | 2029 | Serial | 5% | 120.631
|
| $15 million | 2030 | Serial | 5% | 120.501
|
| $16.5 million | 2031 | Serial | 5% | 120.41
|
| $35,855,000 | 2032 | Serial | 3.75% | 98.085
|
| $18,395,000 | 2032 | Serial | 5% | 120.221
|
| $32.15 million | 2034 | Term | 4% | 100
|
| $20.5 million | 2034 | Term | 5% | 119.24
|
| $84,405,000 | 2038 | Term | 5% | 118.086
|
| $35 million | 2039 | Term | 4% | 98.863
|
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