By Cristal Cody
Tupelo, Miss., Oct. 29 - Michigan-based Trinity Health Credit Group sold a combined $492 million in fixed-rate revenue and refunding bonds in Idaho and Michigan with a combined 6.37% true interest cost, the issuer said Wednesday.
Trinity also plans to complete the second portion of its financing plan through the Nov. 12 sale of $820 million variable-rate bonds.
Trinity Health sold $314 million in series 2008A-1 and 2008A-2 revenue and refunding bonds (Aa2//AA) through the Michigan State Hospital Finance Authority on Tuesday, said Jim Bosscher, vice president of treasury.
The bonds priced with 5% to 6.5% coupons to yield 5.25% to 6.65%.
Trinity also sold $178 million in series 2008B revenue and refunding bonds (Aa2/AA/AA) through the Idaho Health Facilities Authority
The bonds priced with 4.75% to 6.25% coupons to yield 4.95% to 6.5%.
The bonds were sold through negotiated sales led by managers Merrill Lynch and Goldman, Sachs & Co.
The proceeds will be used to finance or refinance the costs to acquire, construct and equip health care facilities in Idaho and Michigan and to refund outstanding debt.
| Issuer: | Trinity Health Credit Group/Idaho Health Facilities Authority/Michigan State Hospital Finance Authority
|
| Issue: | Revenue and refunding bonds
|
| Total amount: | $492 million
|
| Type: | Negotiated
|
| True interest cost: | 6.37%
|
| Underwriters: | Merrill Lynch and Goldman, Sachs & Co.
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 13
|
|
|
| Series 2008A-1, A-2
|
| Amount: | $314 million
|
| Coupons: | 5%-6.5%
|
| Yields: | 5.25%-6.65%
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Series 2008B
|
| Amount: | $178 million
|
| Coupons: | 4.75%-6.25%
|
| Yields: | 4.95%-6.5%
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
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