Published on 11/22/2011 in the Prospect News Municipals Daily.
New Issue: ProMedica Health sells $144.6 million hospital refunding revenue bonds
By Sheri Kasprzak
New York, Nov. 22 - The ProMedica Health Care Obligated Group priced $144.6 million of series 2011 hospital refunding revenue bonds, according to a pricing sheet.
The sale included $135.145 million of series 2011D bonds through Lucas County, Ohio, and $9.455 million of series 2011E bonds through the Lenawee County Hospital Finance Authority of Michigan.
The 2011D bonds are due 2013 to 2030 with 3% to 5.25% coupons and yields from 1.14% to 4.85%. The 2011E bonds are due 2013 to 2023 with 3% to 4% coupons and yields from 1.27% to 4.19%.
Barclays Capital Inc. and Wells Fargo Securities LLC were the senior managers for the bonds (Aa3/AA-/).
Proceeds will be used to refund existing debt.
| Issuer: | ProMedica Health Care Obligated Group
|
| Issue: | Series 2011 hospital refunding revenue bonds
|
| Amount: | $144.6 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. and Wells Fargo Securities LLC (lead)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | Nov. 17
|
| Settlement date: | Dec. 1
|
|
|
| $135.145 million series 2011D bonds through Lucas County, Ohio
|
| Amount | Maturity | Type | Coupon | Yield
|
| $890,000 | 2013 | Serial | 3% | 1.14%
|
| $915,000 | 2014 | Serial | 3% | 1.54%
|
| $945,000 | 2015 | Serial | 3% | 1.94%
|
| $970,000 | 2016 | Serial | 3% | 2.33%
|
| $1 million | 2017 | Serial | 3.5% | 2.65%
|
| $1.035 million | 2018 | Serial | 5% | 2.94%
|
| $1.09 million | 2019 | Serial | 5% | 3.25%
|
| $5.95 million | 2020 | Serial | 4% | 3.53%
|
| $7.205 million | 2021 | Serial | 5% | 3.68%
|
| $11.965 million | 2022 | Serial | 5% | 3.88%
|
| $955,000 | 2023 | Serial | 4% | 4.07%
|
| $11.61 million | 2023 | Serial | 5% | 4.07%
|
| $635,000 | 2024 | Serial | 4.125% | 4.23%
|
| $12.55 million | 2024 | Serial | 5% | 4.23%
|
| $925,000 | 2025 | Serial | 4.25% | 4.37%
|
| $12.91 million | 2025 | Serial | 5% | 4.37%
|
| $65,000 | 2026 | Serial | 4.5% | 4.49%
|
| $14.455 million | 2026 | Serial | 5% | 4.49%
|
| $15.25 million | 2027 | Serial | 5.25% | 4.50%
|
| $16.05 million | 2028 | Serial | 5.25% | 4.60%
|
| $16.895 million | 2029 | Serial | 5% | 4.78%
|
| $880,000 | 2030 | Serial | 4.75% | 4.85%
|
|
|
| $9.455 million series 2011E bonds through Lenawee County Hospital Finance Authority, Mich.
|
| Amount | Maturity | Type | Coupon | Yield
|
| $460,000 | 2013 | Serial | 3% | 1.27%
|
| $470,000 | 2014 | Serial | 3% | 1.64%
|
| $485,000 | 2015 | Serial | 3% | 2.07%
|
| $500,000 | 2016 | Serial | 3% | 2.46%
|
| $515,000 | 2017 | Serial | 3% | 2.78%
|
| $525,000 | 2018 | Serial | 3% | 3.07%
|
| $545,000 | 2019 | Serial | 3.25% | 3.38%
|
| $565,000 | 2020 | Serial | 3.5% | 3.63%
|
| $585,000 | 2021 | Serial | 3.625% | 3.78%
|
| $605,000 | 2022 | Serial | 3.75% | 3.98%
|
| $625,000 | 2023 | Serial | 4% | 4.19%
|
| $3.575 million | 2028 | Term | 4.625% | 4.75%
|
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