Published on 4/29/2014 in the Prospect News Municipals Daily.
New Issue: Royal Oak Hospital, Mich., prices $441.4 million William Beaumont bonds
By Sheri Kasprzak
New York, April 29 - The Royal Oak Hospital Finance Authority of Michigan priced $441,395,000 of series 2014D hospital revenue refunding bonds for the William Beaumont Hospital Obligated Group, according to a pricing sheet.
The bonds (A1/A/) were sold through Morgan Stanley & Co. LLC.
The bonds are due 2014 and 2017 to 2034 with a term bond due in 2039. The serial coupons range from 2% to 5%. The 2039 bonds have a 4.375% coupon priced at 98.712 and a 5% coupon priced at 104.566.
Proceeds will be used to advance refund existing revenue bonds sold for the obligated group.
| Issuer: | Royal Oak Hospital Finance Authority, Mich./William Beaumont Hospital Obligated Group
|
| Issue: | Series 2014D hospital revenue refunding bonds
|
| Amount: | $441,395,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), J.P. Morgan Securities LLC and PNC Capital Markets LLC (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Pricing date: | April 29
|
| Settlement date: | May 13
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $27.5 million | 2014 | Serial | 2% | 100.545
|
| $10 million | 2017 | Serial | 5% | 112.638
|
| $10 million | 2018 | Serial | 5% | 114.52
|
| $10 million | 2019 | Serial | 5% | 115.556
|
| $7 million | 2020 | Serial | 2.25% | 99.706
|
| $8 million | 2020 | Serial | 5% | 115.747
|
| $15 million | 2021 | Serial | 5% | 115.5
|
| $1.82 million | 2022 | Serial | 3% | 100.436
|
| $13.18 million | 2022 | Serial | 5% | 115.069
|
| $15 million | 2023 | Serial | 5% | 114.635
|
| $7 million | 2024 | Serial | 3.25% | 99.563
|
| $8 million | 2024 | Serial | 5% | 114.131
|
| $10,545,000 | 2025 | Serial | 5% | 112.791
|
| $9,745,000 | 2026 | Serial | 5% | 111.382
|
| $10,315,000 | 2027 | Serial | 5% | 110.512
|
| $10.98 million | 2028 | Serial | 5% | 109.65
|
| $11.7 million | 2029 | Serial | 5% | 108.627
|
| $11.56 million | 2030 | Serial | 5% | 107.951
|
| $12,435,000 | 2031 | Serial | 5% | 107.28
|
| $13.3 million | 2032 | Serial | 5% | 106.615
|
| $14,195,000 | 2033 | Serial | 5% | 106.119
|
| $10.14 million | 2034 | Serial | 4.25% | 98.126
|
| $5 million | 2034 | Serial | 5% | 109.551
|
| $3,735,000 | 2039 | Term | 4.375% | 98.712
|
| $185,605,000 | 2039 | Term | 5% | 104.566
|
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