Published on 2/10/2016 in the Prospect News Municipals Daily.
New Issue: Ohio offers $229.73 million University Hospitals Health revenue bonds
By Sheri Kasprzak
New York, Feb. 10 – The State of Ohio sold $229,725,000 of series 2016A hospital revenue bonds for the University Hospitals Health System Inc., according to a term sheet. The deal was upsized from $170 million.
The bonds (A2/A/) were sold through senior managers BofA Merrill Lynch and Barclays.
The bonds are due 2027 to 2036 with term bonds due in 2041 and 2046. The serial coupons range from 3% to 5% with 2.43% to 3.56% yields. The 2041 bonds have a 5% coupon priced at 113.133 to yield 3.41%. The 2046 bonds have a 4% coupon priced at par and a 5% coupon priced at 112.69 to yield 3.46%.
Proceeds will be used to refund the health system’s series 2007A revenue bonds.
| Issuer: | State of Ohio/University Hospitals Health System Inc.
|
| Issue: | Series 2016A hospital revenue bonds
|
| Amount: | $229,725,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Barclays (lead), Morgan Stanley & Co. LLC (co-manager)
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Pricing date: | Feb. 9
|
| Settlement date: | March 31
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5.74 million | 2027 | Serial | 5% | 122.265 | 2.43%
|
| $6.04 million | 2028 | Serial | 5% | 120.908 | 2.57%
|
| $6,335,000 | 2029 | Serial | 5% | 119.95 | 2.67%
|
| $1,505,000 | 2030 | Serial | 3% | 98.55 | 3.13%
|
| $5,145,000 | 2030 | Serial | 5% | 119.001 | 2.77%
|
| $4,845,000 | 2031 | Serial | 3% | 97.079 | 3.25%
|
| $2,345,000 | 2031 | Serial | 5% | 117.967 | 2.88%
|
| $3,155,000 | 2032 | Serial | 3.125% | 97.615 | 3.32%
|
| $6.01 million | 2032 | Serial | 5% | 117.315 | 2.95%
|
| $9,645,000 | 2033 | Serial | 3.25% | 97.463 | 3.45%
|
| $2.87 million | 2034 | Serial | 3.5% | 99.21 | 3.56%
|
| $7,285,000 | 2034 | Serial | 5% | 116.206 | 3.07%
|
| $10.77 million | 2035 | Serial | 5% | 115.931 | 3.10%
|
| $11,445,000 | 2036 | Serial | 5% | 115.474 | 3.15%
|
| $35.77 million | 2041 | Term | 5% | 113.133 | 3.41%
|
| $75 million | 2046 | Term | 4% | 100 | 4.00%
|
| $35.82 million | 2046 | Term | 5% | 112.69 | 3.46%
|
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