Published on 4/16/2014 in the Prospect News Municipals Daily.
New Issue: St. Joseph Hospital Health, N.Y., sells $69.58 million of revenue bonds
By Sheri Kasprzak
New York, April 16 - The Onondaga Civic Development Corp. of New York priced $69,575,000 of series 2014A tax-exempt revenue bonds for the St. Joseph Hospital Health Center, according to a pricing sheet.
The bonds (Ba2/BB/) were sold through senior managers Jefferies & Co. and M&T Securities Inc.
The bonds are due 2019, 2022, 2025 and 2031. The 2019 bonds have a 5% coupon priced at 109.865, the 2022 bonds have a 4.625% coupon priced at 99.153 and the 2025 bonds have a 5% coupon priced at par. The 2031 bonds have a 5.125% coupon priced at 97.21.
Proceeds will be used to finance the construction of a co-generation plant on the hospital's campus, as well as to install other technology and other improvements.
| Issuer: | Onondaga Civic Development Corp., N.Y./St. Joseph Hospital Health Center
|
| Issue: | Series 2014A tax-exempt revenue bonds
|
| Amount: | $69,575,000
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co. and M&T Securities Inc. (lead)
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Pricing date: | April 16
|
| Settlement date: | April 24
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.54 million | 2019 | Term | 5% | 109.865
|
| $10.1 million | 2022 | Term | 4.625% | 99.153
|
| $12,595,000 | 2025 | Term | 5% | 100
|
| $41.34 million | 2031 | Term | 5.125% | 97.21
|
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