Published on 6/13/2013 in the Prospect News Municipals Daily.
New Issue: Wisconsin Health prices $521.87 million Ascension Health revenue bonds
By Sheri Kasprzak
New York, June 13 - The Wisconsin Health and Educational Facilities Authority sold $521,865,000 of series 2013 revenue bonds for the Ascension health Alliance Senior Credit Group, according to a pricing sheet. The deal was downsized from $600 million.
The deal included $100 million of series 2013A bonds and $421,865,000 of series 2013B bonds.
The 2013A bonds are due 2013 to 2028 with a term bond due in 2043. The serial coupons range from 2% to 5% with 0.15% to 3.58% yields. The 2043 bonds have a split maturity with a 4.5% coupon priced at 97.966 to yield 4.625% and a 5% coupon priced at 105.648 to yield 4.32%.
The 2013B bonds are due in 2043 and have a 4% coupon priced at 110.16 to yield 1.76%, a 4% coupon priced at 110.633 to yield 2.09%, a 5% coupon priced at 116.417 to yield 2.42%, a 5% coupon priced at 115.895 to yield 2.76% and a 0.14% coupon priced at par.
The bonds (Aa2/AA+/AA+) were sold through Morgan Stanley & Co. LLC.
Proceeds will be used to refinance debt for Marian Health System, Via Christi Health, Ministry Health Care and St. John Health Care and their affiliates.
| Issuer: | Wisconsin Health and Educational Facilities Authority/Ascension Health Alliance Senior Credit Group
|
| Issue: | Series 2013 revenue bonds
|
| Amount: | $521,865,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC (co-managers)
|
| Rating: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | June 13
|
| Settlement date: | June 18
|
|
|
| $100 million series 2013A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.92 million | 2013 | Serial | 2% | 100.754 | 0.15%
|
| $1.54 million | 2014 | Serial | 3% | 103.561 | 0.46%
|
| $1.59 million | 2015 | Serial | 3.5% | 106.798 | 0.65%
|
| $1.65 million | 2016 | Serial | 4% | 110.204 | 0.95%
|
| $1.73 million | 2017 | Serial | 5% | 115.894 | 1.28%
|
| $11.11 million | 2018 | Serial | 5% | 117.376 | 1.63%
|
| $1.91 million | 2019 | Serial | 5% | 118.155 | 1.97%
|
| $2.01 million | 2020 | Serial | 5% | 118.667 | 2.25%
|
| $2.11 million | 2021 | Serial | 5% | 118.185 | 2.58%
|
| $850,000 | 2022 | Serial | 4% | 109.516 | 2.84%
|
| $1.36 million | 2022 | Serial | 5% | 117.721 | 2.84%
|
| $2.31 million | 2023 | Serial | 5% | 117.666 | 3.01%
|
| $2,405,000 | 2024 | Serial | 5% | 116.017 | 3.18%
|
| $2,505,000 | 2025 | Serial | 5% | 114.869 | 3.30%
|
| $2,635,000 | 2026 | Serial | 5% | 113.735 | 3.42%
|
| $2.77 million | 2027 | Serial | 5% | 112.987 | 3.50%
|
| $2.91 million | 2028 | Serial | 5% | 112.245 | 3.58%
|
| $41,565,000 | 2043 | Term | 4.5% | 97.966 | 4.625%
|
| $15.12 million | 2043 | Term | 5% | 105.648 | 4.32%
|
|
|
| $421,865,000 series 2013B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $80.47 million | 2043 | Term | 4% | 110.16 | 1.74%
|
| $80,465,000 | 2043 | Term | 4% | 110.633 | 2.09%
|
| $80,465,000 | 2043 | Term | 5% | 116.417 | 2.42%
|
| $80,465,000 | 2043 | Term | 5% | 115.895 | 2.76%
|
| $100 million | 2043 | Term | 0.14% | 100 | 0.14%
|
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