Published on 4/24/2012 in the Prospect News Municipals Daily.
New Issue: Michigan Finance prices $101.93 million Trinity Health revenue refunding bonds
By Sheri Kasprzak
New York, April 24 - The Michigan Finance Authority came to market Tuesday with $101.93 million of series 2012MI hospital revenue refunding bonds for the Trinity Health Credit Group, according to a pricing sheet.
The bonds (Aa2/AA/AA) were sold through senior managers Bank of America Merrill Lynch and Goldman Sachs & Co. The co-managers were BMO Capital Markets, J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
The bonds are due 2012 to 2030 with 2% to 5% coupons.
Proceeds will be used to refund the authority's series 2008C and 2009B-C revenue bonds issued for Trinity Health.
| Issuer: | Michigan Finance Authority/Trinity Health Credit Group
|
| Issue: | Series 2012MI hospital revenue refunding bonds
|
| Amount: | $101.93 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Goldman Sachs & Co. (lead), BMO Capital Markets, J.P. Morgan Securities LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | April 24
|
| Settlement date: | May 14
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $375,000 | 2012 | Serial | 2% | 100.928
|
| $670,000 | 2013 | Serial | 3% | 104.006
|
| $690,000 | 2014 | Serial | 2% | 103.379
|
| $705,000 | 2015 | Serial | 5% | 114.244
|
| $740,000 | 2016 | Serial | 3% | 108.219
|
| $765,000 | 2017 | Serial | 4% | 114.059
|
| $795,000 | 2018 | Serial | 5% | 120.915
|
| $835,000 | 2019 | Serial | 2% | 100.769
|
| $850,000 | 2020 | Serial | 4% | 114.289
|
| $885,000 | 2021 | Serial | 5% | 121.684
|
| $930,000 | 2022 | Serial | 2.5% | 99.082
|
| $945,000 | 2023 | Serial | 2.75% | 99.704
|
| $100,000 | 2024 | Serial | 4% | 111.054
|
| $8 million | 2024 | Serial | 5% | 121.483
|
| $760,000 | 2025 | Serial | 3% | 99.118
|
| $8,465,000 | 2025 | Serial | 5% | 121.133
|
| $9,535,000 | 2026 | Serial | 5% | 120.673
|
| $15,385,000 | 2027 | Serial | 5% | 120.543
|
| $18.5 million | 2028 | Serial | 5% | 120.26
|
| $26 million | 2029 | Serial | 5% | 119.98
|
| $6 million | 2030 | Serial | 5% | 119.728
|
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