By Sheri Kasprzak
New York, Oct. 8 – The State of Ohio priced $81.43 million of series 2014 hospital revenue bonds for University Hospitals Health System, according to a pricing sheet.
The deal included $56.43 million of series 2014A bonds and $25 million of series 2014B variable-rate remarketed demand bonds.
The 2014A bonds are due in 2044 and have a 2.25% coupon priced at par and a 4% coupon priced at 98.302.
The 2014B bonds are due Jan. 15, 2045 and initially bear interest at the VRO rate.
The bonds (A2/A/) were sold on a negotiated basis. Barclays was the lead manager for the 2014A bonds and sole underwriter for the 2014B bonds. BofA Merrill Lynch was also a lead manager for the 2014A bonds.
Proceeds will be used to refund one or more interim loans issued to refund the Parma Community General Hospital Association’s series 2006 bonds and the EMH Regional Medical Center’s series 1997, 2001 and 2008 bonds, as well as to construct, equip, furnish and repair additional hospital facilities within the system.
| Issuer: | State of Ohio
|
| Issue: | Series 2014 hospital revenue bonds
|
| Amount: | $81.43 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays (lead for 2014A, sole for 2014B), BB&T Capital Markets, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, the Huntington Investment Co. and Wells Fargo Securities LLC (co-managers for 2014A)
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Pricing date: | Oct. 8
|
| Settlement date: | Nov. 6
|
|
|
| $56.43 million series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $10 million | 2044 | Term | 2.25% | 100
|
| $46.43 million | 2044 | Term | 4% | 98.302
|
|
|
| $25 million series 2014B variable-rate bonds
|
| Maturity | Type | Coupon | Price
|
| Jan. 15, 2045 | Term | VRO Rate | 100
|
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