By Sheri Kasprzak
New York, Oct. 26 - The Kent Hospital Finance Authority of Michigan sold $75 million of series 2011C revenue bonds for Spectrum Health System Inc., according to a pricing sheet.
The bonds (Aa3/AA/) were sold through Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
The bonds are due in 2031 and 2042. The 2031 bonds have a 5% coupon priced at 99.382, and the 2042 bonds have a 5% coupon priced at 97.259.
Proceeds will be used to refund a portion of the health care system's series 2008B-2 bonds.
| Issuer: | Kent Hospital Finance Authority/Spectrum Health System Inc.
|
| Issue: | Series 2011C revenue bonds
|
| Amount: | $75 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 9
|
|
|
| Maturity | Type | Coupon | Price
|
| 2031 | Term | 5% | 99.382
|
| 2042 | Term | 5% | 97.259
|
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