By Sheri Kasprzak
New York, Nov. 10 - Providence Health and Services came to market Thursday with $145.075 million of series 2011 revenue bonds, said a pricing sheet.
The deal included $122.72 million of series 2011A bonds sold through the Alaska Industrial Development and Export Authority and $22.355 million of series 2011C bonds sold through the Oregon Facilities Authority.
The 2011A bonds are due 2040 to 2041 with 5% to 5.5% coupons. The 2011C bonds are due 2014 to 2026 with 3.5% to 5% coupons.
The bonds (Aa2/AA/AA) were sold on a negotiated basis with Bank of America Merrill Lynch as the senior manager.
Proceeds will be used to make a loan to Providence Health and Services by each issuer to finance or reimburse the health care provider for capital projects, including construction, remodeling and renovations to facilities in Alaska and Oregon.
| Issuer: | Providence Health and Services/Alaska Industrial Development and Export Authority/Oregon Facilities Authority
|
| Issue: | Series 2011 revenue bonds
|
| Amount: | $145.075 million
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 17
|
|
|
| $122.72 million series 2011A bonds through Alaska Industrial Development
|
| Amount | Maturity | Type | Coupon | Price
|
| $42 million | 2040 | Serial | 5% | 99.238
|
| $80.72 million | 2041 | Serial | 5.5% | 105.205
|
|
|
| $22.355 million series 2011C bonds through Oregon Facilities Authority
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.95 million | 2014 | Serial | 4% | 107.763
|
| $2.03 million | 2015 | Serial | 5% | 112.594
|
| $1.815 million | 2016 | Serial | 5% | 114.158
|
| $1.89 million | 2017 | Serial | 5% | 115.223
|
| $1.985 million | 2018 | Serial | 5% | 115.624
|
| $2.075 million | 2019 | Serial | 5% | 115.596
|
| $2.35 million | 2020 | Serial | 5% | 114.635
|
| $2.46 million | 2021 | Serial | 5% | 114.765
|
| $2.58 million | 2022 | Serial | 5% | 112.514
|
| $765,000 | 2023 | Serial | 3.5% | 97.619
|
| $785,000 | 2024 | Serial | 4% | 100
|
| $820,000 | 2025 | Serial | 4% | 99.05
|
| $850,000 | 2026 | Serial | 4% | 98.017
|
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