Published on 1/13/2016 in the Prospect News Municipals Daily.
New Issue: Trinity Health Credit Group organizes $552.8 million of composite bonds
By Sheri Kasprzak
New York, Jan. 13 – The Trinity Health Credit Group offered $552,805,000 of series 2016 composite issue revenue bonds, according to a pricing sheet. The offering was downsized from $568.05 million.
The deal included $218.47 million of series 2016CT revenue bonds through the Connecticut Health and Educational Facilities Authority, $22,985,000 of series 2016ID revenue bonds through the Idaho Health Facilities Authority, $41.86 million of series 2016MD revenue bonds through Montgomery County, Md., and $269.49 million of series 2016MI revenue refunding bonds through the Michigan Finance Authority.
The 2016CT bonds are due 2017 to 2036 with term bonds due in 2041 and 2045. The serial coupons range from 2% to 5%. The 2041 bonds have a 3.5% coupon priced at 96.849 and a 5% coupon priced at 115.269. The 2045 bonds have a 5% coupon priced at 114.795.
The 2016ID bonds are due Dec. 1, 2045 and have a 4% coupon priced at 103.251 and a 5% coupon priced at 116.032.
The 2016MD bonds are due Dec. 1, 2045 and have a 5% coupon priced at 116.512.
The 2016MI bonds are due 2017 to 2037 with term bonds due in 2041 and 2045. The serial coupons range from 3% to 5%. The 2041 bonds have a 5.25% coupon priced at 117.354. The 2045 bonds have a 4% coupon priced at 101.693 and a 5% coupon priced at 114.323.
The bonds (Aa3/AA-/AA) were sold through BofA Merrill Lynch and Goldman Sachs & Co.
Proceeds will be used to construct, equip, improve and renovate Trinity Health facilities.
| Issuer: | Trinity Health Credit Group
|
| Issue: | Series 2016 composite issue revenue bonds
|
| Amount: | $552,805,000
|
| 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)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Fitch: AA
|
| Pricing date: | Jan. 12
|
| Settlement date: | Jan. 26
|
|
|
| $218.47 million series 2016CT revenue bonds through Connecticut Health and Educational Facilities Authority
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,945,000 | 2017 | Serial | 2% | 102.084
|
| $2,035,000 | 2018 | Serial | 5% | 111.17
|
| $4,225,000 | 2019 | Serial | 3% | 106.825
|
| $1.87 million | 2020 | Serial | 5% | 117.274
|
| $1,055,000 | 2021 | Serial | 5% | 119.769
|
| $700,000 | 2022 | Serial | 4% | 114.597
|
| $1 million | 2023 | Serial | 3% | 107.755
|
| $355,000 | 2024 | Serial | 2% | 99.195
|
| $285,000 | 2027 | Serial | 3% | 103.883
|
| $235,000 | 2028 | Serial | 3% | 102.326
|
| $2,925,000 | 2029 | Serial | 5% | 121.748
|
| $6,335,000 | 2030 | Serial | 5% | 120.94
|
| $4,095,000 | 2031 | Serial | 5% | 120.138
|
| $4,435,000 | 2032 | Serial | 5% | 119.541
|
| $14.27 million | 2033 | Serial | 5% | 118.849
|
| $10 million | 2034 | Serial | 3.125% | 96.464
|
| $12.99 million | 2034 | Seral | 5% | 118.357
|
| $3.81 million | 2035 | Serial | 3.25% | 97.845
|
| $3.97 million | 2036 | Serial | 3.25% | 97.041
|
| $7.6 million | 2041 | Term | 3.5% | 96.849
|
| $19,965,000 | 2041 | Term | 5% | 115.269
|
| $114.37 million | 2045 | Term | 5% | 114.795
|
|
|
| $22,985,000 series 2016ID revenue bonds through Idaho Health Facilities Authority
|
| Amount | Maturity | Type | Coupon | Price
|
| $10 million | Dec. 1, 2045 | Term | 4% | 103.251
|
| $12,985,000 | Dec. 1, 2045 | Term | 5% | 116.032
|
|
|
| $41.86 million series 2016MD revenue bonds through Montgomery County, Md.
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2045 | Term | 5% | 116.512
|
|
|
| $269.49 million series 2016MI revenue refunding bonds through Michigan Finance Authority
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.44 million | 2017 | Serial | 5% | NRO
|
| $2,555,000 | 2018 | Serial | 5% | 111.11
|
| $5.31 million | 2019 | Serial | 5% | 114.325
|
| $2,345,000 | 2020 | Serial | 5% | 117.068
|
| $1,315,000 | 2021 | Serial | 5% | 119.583
|
| $880,000 | 2022 | Serial | 4% | 114.458
|
| $1.26 million | 2023 | Serial | 5% | 122.498
|
| $440,000 | 2024 | Serial | 3% | 106.813
|
| $340,000 | 2027 | Serial | 3% | 103.422
|
| $290,000 | 2028 | Serial | 3% | 101.783
|
| $3,545,000 | 2029 | Serial | 5% | 120.94
|
| $7,675,000 | 2030 | Serial | 5% | 120.238
|
| $4.95 million | 2031 | Serial | 5% | 119.442
|
| $5,375,000 | 2032 | Serial | 5% | 118.849
|
| $17.28 million | 2033 | Serial | 5% | 118.554
|
| $27.85 million | 2034 | Serial | 5% | 118.064
|
| $4.62 million | 2035 | Serial | 5% | 117.382
|
| $4,815,000 | 2036 | Serial | 3.375% | 98.158
|
| $5.02 million | 2037 | Serial | 3.5% | 98.047
|
| $28.39 million | 2041 | Term | 5.25% | 117.354
|
| $23,795,000 | 2045 | Term | 4% | 101.693
|
| $119 million | 2045 | Term | 5% | 114.323
|
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