Published on 5/13/2016 in the Prospect News Municipals Daily.
New Issue: West Virginia United Health brings $260.89 million refunding bonds
By Sheri Kasprzak
New York, May 13 – The West Virginia Hospital Finance Authority sold $260.89 million of series 2016A hospital revenue refunding bonds for the West Virginia United Health System Obligated Group, said a pricing sheet. The deal was upsized from $246,045,000.
The bonds (A2/A) are due 2017 to 2036 with term bonds due in 2039 and 2041. The serial coupons range from 2% to 5% with yields from 0.69% to 3.22%. The 2039 bonds have a 3.25% coupon priced at 97.5 to yield 3.408% and the 2041 bonds have a 4% coupon priced at 105.9 to yield 3.30%.
Proceeds will be lent to the obligated group to refund its series 2003, 2006A, 2007A, 2008E and 2009C revenue bonds.
| Issuer: | West Virginia Hospital Finance Authority/West Virginia United Health System Obligated Group
|
| Issue: | Series 2016A hospital revenue refunding bonds
|
| Amount: | $260.89 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Wells Fargo Securities LLC (lead), BB&T Capital Markets and Piper Jaffray & Co. (co-managers)
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Pricing date: | May 6
|
| Settlement date: | June 15
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,945,000 | 2017 | Serial | 2% | 101.252 | 0.69%
|
| $5.58 million | 2018 | Serial | 5% | 108.196 | 0.78%
|
| $5.83 million | 2019 | Serial | 5% | 111.953 | 0.90%
|
| $5,955,000 | 2020 | Serial | 5% | 115.285 | 1.05%
|
| $6.54 million | 2021 | Serial | 5% | 118.195 | 1.21%
|
| $6.39 million | 2022 | Serial | 5% | 120.646 | 1.38%
|
| $10,395,000 | 2023 | Serial | 5% | 122.681 | 1.55%
|
| $10,655,000 | 2024 | Serial | 5% | 124.305 | 1.72%
|
| $11.23 million | 2025 | Serial | 5% | 125.431 | 1.90%
|
| $11.68 million | 2026 | Serial | 5% | 126.147 | 2.08%
|
| $12,025,000 | 2027 | Serial | 5% | 124.821 | 2.21%
|
| $5.06 million | 2028 | Serial | 2.5% | 98.571 | 2.64%
|
| $7.56 million | 2028 | Serial | 5% | 123.512 | 2.34%
|
| $12.96 million | 2029 | Serial | 4% | 111.843 | 2.64%
|
| $2,305,000 | 2030 | Serial | 3% | 100 | 3.00%
|
| $11.13 million | 2030 | Serial | 4% | 110.642 | 2.77%
|
| $13.78 million | 2031 | Serial | 4% | 109.819 | 2.86%
|
| $14.22 million | 2032 | Serial | 4% | 109.275 | 2.92%
|
| $14,625,000 | 2033 | Serial | 3% | 98.039 | 3.15%
|
| $20,625,000 | 2034 | Serial | 4% | 108.196 | 3.04%
|
| $19,745,000 | 2035 | Serial | 4% | 107.75 | 3.09%
|
| $9,165,000 | 2036 | Serial | 3% | 96.778 | 3.22%
|
| $29,255,000 | 2039 | Term | 3.25% | 97.5 | 3.408%
|
| $8,235,000 | 2041 | Term | 4% | 105.9 | 3.30%
|
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