Published on 2/12/2015 in the Prospect News Municipals Daily.
New Issue: Trinity Health Credit prices $896.54 million of composite issue bonds
By Sheri Kasprzak
New York, Feb. 12 – The Trinity Health Credit Group sold $896,535,000 of series 2015 composite issue revenue bonds on Thursday, according to a pricing sheet.
The offering included $561,215,000 of series 2015MI hospital revenue and refunding bonds through the Michigan Finance Authority, $171.31 million of series 2015ID revenue bonds through the Idaho Health Facilities Authority and $164.01 million of series 2015MD revenue bonds through Montgomery County, Md.
The 2015MI bonds are due 2015 to 2035 with a term bond due in 2038. The serial coupons range from 2% to 5.5% with yields from 0.15% to 3.37%. The 2038 bonds have a 4% coupon priced at 99.387 to yield 4.04% and a 5% coupon priced at 109.946 to yield 3.44%.
The 2015ID bonds are due 2015 to 2033 with 2% to 5.5% coupons and 0.15% to 3.27% yields.
The 2015MD bonds are due in 2044 with a 4% coupon priced at 100.162 to yield 3.98% and a 5% coupon priced at 113.946 to yield 3.38%.
The bonds were sold through BofA Merrill Lynch and Goldman Sachs & Co.
Proceeds will be used to finance capital improvements to Trinity Health facilities and refund existing bonds.
| Issuer: | Trinity Health Credit Group
|
| Issue: | Series 2015 composite issue revenue bonds
|
| Amount: | $896,535,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Goldman Sachs & Co. (lead), J.P. Morgan Securities LLC, Cabrera Capital Markets LLC, Loop Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | Feb. 12
|
| Settlement date: | Feb. 26
|
|
|
| $561,215,000 series 2015MI hospital revenue and refunding bonds through Michigan Finance Authority
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8.96 million | 2015 | Serial | 2% | 101.411 | 0.15%
|
| $9,265,000 | 2016 | Serial | 5% | 107.744 | 0.58%
|
| $9,715,000 | 2017 | Serial | 5% | 111.398 | 0.82%
|
| $10.2 million | 2018 | Serial | 5% | 114.14 | 1.15%
|
| $9,785,000 | 2019 | Serial | 5% | 116.633 | 1.38%
|
| $15.37 million | 2020 | Serial | 5% | 118.284 | 1.66%
|
| $20,785,000 | 2021 | Serial | 5% | 119.306 | 1.94%
|
| $22,295,000 | 2022 | Serial | 5% | 119.88 | 2.20%
|
| $25.7 million | 2023 | Serial | 5% | 120.172 | 2.43%
|
| $21,305,000 | 2024 | Serial | 5% | 120.382 | 2.62%
|
| $22.44 million | 2025 | Serial | 5% | 119.799 | 2.77%
|
| $23.72 million | 2026 | Serial | 5.5% | 123.033 | 2.89%
|
| $16,645,000 | 2027 | Serial | 5.5% | 122.038 | 2.99%
|
| $2 million | 2028 | Serial | 3.25% | 98.358 | 3.40%
|
| $15,305,000 | 2028 | Serial | 5.5% | 121.25 | 3.07%
|
| $36,155,000 | 2029 | Serial | 5.5% | 120.956 | 3.10%
|
| $38.46 million | 2030 | Serial | 5% | 111.923 | 3.15%
|
| $51,075,000 | 2031 | Serial | 5% | 111.579 | 3.20%
|
| $53,365,000 | 2032 | Serial | 5% | 111.236 | 3.25%
|
| $38,035,000 | 2033 | Serial | 5% | 110.963 | 3.29%
|
| $34.18 million | 2034 | Serial | 5% | 110.691 | 3.33%
|
| $35.93 million | 2035 | Serial | 5% | 110.419 | 3.37%
|
| $20,525,000 | 2038 | Term | 4% | 99.387 | 4.04%
|
| $20 million | 2038 | Term | 5% | 109.946 | 3.44%
|
|
|
| $171.31 million series 2015ID revenue bonds through Idaho Health Facilities Authority
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $565,000 | 2015 | Serial | 2% | 101.411 | 0.15%
|
| $580,000 | 2016 | Serial | 3% | 104.24 | 0.58%
|
| $600,000 | 2017 | Serial | 4% | 108.671 | 0.82%
|
| $625,000 | 2018 | Serial | 4% | 110.467 | 1.15%
|
| $655,000 | 2019 | Serial | 5% | 116.633 | 1.38%
|
| $10,305,000 | 2020 | Serial | 5% | 118.284 | 1.66%
|
| $10.65 million | 2021 | Serial | 5% | 119.446 | 1.92%
|
| $11.02 million | 2022 | Serial | 5% | 120.038 | 2.18%
|
| $11.4 million | 2023 | Serial | 5% | 120.347 | 2.41%
|
| $8.33 million | 2024 | Serial | 5% | 120.574 | 2.60%
|
| $8.76 million | 2025 | Serial | 5% | 119.997 | 2.75%
|
| $9,235,000 | 2026 | Serial | 5.5% | 123.233 | 2.87%
|
| $9,755,000 | 2027 | Serial | 5.5% | 122.237 | 2.97%
|
| $10.19 million | 2028 | Serial | 3.25% | 98.575 | 3.38%
|
| $20.02 million | 2029 | Serial | 5.5% | 121.152 | 3.08%
|
| $21,385,000 | 2030 | Serial | 5% | 112.061 | 3.13%
|
| $11,795,000 | 2031 | Serial | 5% | 111.716 | 3.18%
|
| $12.4 million | 2032 | Serial | 5% | 111.373 | 3.23%
|
| $13.04 million | 2033 | Serial | 5% | 111.1 | 3.27%
|
|
|
| $164.01 million series 2015MD revenue bonds through Montgomery County, Md.
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $101.7 million | 2044 | Term | 4% | 100.162 | 3.98%
|
| $62.31 million | 2044 | Term | 5% | 113.946 | 3.38%
|
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