By Sheri Kasprzak
New York, Feb. 1 - The ProMedica Healthcare Obligated Group of Ohio sold $199.455 million of series 2011 revenue and revenue refunding bonds in two offerings, said pricing sheets. The deal was downsized from $270.655 million.
The deals included $182.155 million of series 2011A hospital revenue bonds sold through Lucas County, Ohio, and $17.3 million of series 2011B hospital revenue refunding bonds sold through the Lenawee County Hospital Finance Authority of Michigan.
The bonds (Aa3/AA-) were sold through Barclays Capital Inc. and Wells Fargo Securities LLC.
The 2011A bonds are due 2015 to 2023 with term bonds due 2031, 2037 and 2041. The serial coupons range from 3% to 5%. The 2031 bonds have a 5.75% coupon priced at 97.274 and the 2037 bonds have a 6.5% coupon priced at 103.911. The 2041 bonds have a split maturity with a 6% coupon priced at 96.988 and a 6.2% coupon priced at 99.715.
The 2011B bonds are due 2016 to 2019 with a term bond due in 2035. The serial coupons range from 3.25% to 4.375%. The 2035 bonds have a 6% coupon priced at 96.859.
Proceeds will be used to construct a 51,000 square-foot replacement hospital for Toledo Hospital, complete a 75,000 square-foot orthopedic center at the Wildwood Medical Center and make other renovations to ProMedica facilities.
| Issuer: | ProMedica Healthcare Obligated Group/Lucas County, Ohio/Lenawee County, Mich.
|
| Issue: | Series 2011 revenue and revenue refunding bonds
|
| Amount: | $199.455 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. and Wells Fargo Securities LLC
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | Feb. 1
|
| Settlement date: | Feb. 9
|
|
|
| $182.155 million series 2011A
|
| Amount | Maturity | Type | Coupon | Price
|
| $225,000 | 2015 | Serial | 3% | 100.572
|
| $180,000 | 2016 | Serial | 3.125% | 99.344
|
| $105,000 | 2017 | Serial | 3.75% | 99.877
|
| $75,000 | 2018 | Serial | 4% | 99.204
|
| $725,000 | 2019 | Serial | 4.25% | 98.555
|
| $1.475 million | 2020 | Serial | 5% | 102.242
|
| $1.81 million | 2021 | Serial | 5% | 101.071
|
| $1.64 million | 2022 | Serial | 5% | 99.64
|
| $1.72 million | 2023 | Serial | 5% | 98.142
|
| $22.745 million | 2031 | Term | 5.75% | 97.274
|
| $56.84 million | 2037 | Term | 6.5% | 103.911
|
| $93.095 million | 2041 | Term | 6% | 96.988
|
| $1.52 million | 2041 | Term | 6.2% | 99.715
|
|
|
| $17.3 million series 2011B
|
| Amount | Maturity | Type | Coupon | Price
|
| $145,000 | 2016 | Serial | 3.25% | 99.32
|
| $145,000 | 2017 | Serial | 3.75% | 99.11
|
| $145,000 | 2018 | Serial | 4.125% | 99.175
|
| $170,000 | 2019 | Serial | 4.375% | 98.527
|
| $16.695 million | 2035 | Term | 6% | 96.859
|
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