Published on 9/12/2013 in the Prospect News Municipals Daily.
New Issue: West Virginia United Health sells $210.68 million hospital revenue debt
By Sheri Kasprzak
New York, Sept. 12 - The West Virginia Hospital Finance Authority sold $210,675,000 of series 2013A hospital revenue refunding and improvement bonds for the West Virginia United Health System Obligated Group, according to a pricing sheet.
The bonds (A2/A/) were sold through Wells Fargo Securities LLC and BofA Merrill Lynch.
The bonds are due 2014 to 2019 with term bonds due in 2038 and 2044. The serial coupons range from 3% to 5% with 0.45% to 2.83% yields. The 2038 bonds have a 5.375% coupon priced at 96.873 to yield 5.61%, and the 2044 bonds have a 5.5% coupon priced at 97.109 to yield 5.7%.
Proceeds will be used to finance the construction, equipment, renovation and improvement of a new emergency department, 50 acute care beds, the relocation of the cardiology department and other improvements, as well as to refund the authority's series 2004A revenue bonds.
| Issuer: | West Virginia Hospital Finance Authority/West Virginia United Health System Obligated Group
|
| Issue: | Series 2013A hospital revenue refunding and improvement bonds
|
| Amount: | $210,675,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and BofA Merrill Lynch (lead), BB&T Capital Markets and Crews & Associates Inc. (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Pricing date: | Sept. 11
|
| Settlement date: | Oct. 3
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.12 million | 2014 | Serial | 5% | 102.999 | 0.45%
|
| $2.61 million | 2015 | Serial | 4% | 105.047 | 0.93%
|
| $225,000 | 2016 | Serial | 5% | 109.369 | 1.40%
|
| $2,675,000 | 2017 | Serial | 3% | 104.051 | 1.85%
|
| $2.74 million | 2018 | Serial | 4% | 107.196 | 2.36%
|
| $1,305,000 | 2019 | Serial | 5% | 111.273 | 2.83%
|
| $50,685,000 | 2038 | Term | 5.375% | 96.873 | 5.61%
|
| $149,315,000 | 2044 | Term | 5.5% | 97.109 | 5.70%
|
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