Published on 1/29/2015 in the Prospect News Municipals Daily.
New Issue: Pocono Mountains Industrial, Pa., sells $80 million St. Luke’s debt
By Sheri Kasprzak
New York, Jan. 29 – The Pocono Mountains Industrial Park Authority of Pennsylvania sold $80 million of series 2015 hospital revenue bonds for St. Luke’s Hospital, according to a pricing sheet.
The bonds (A3/A-/) were sold through BofA Merrill Lynch and Lancaster Pollard & Co.
The bonds are due 2040 and 2045. The 2040 bonds have a 5% coupon priced at 115.311 to yield 3.2%, and the 2045 bonds have a 4% coupon priced at 100.245 to yield 3.97%.
Proceeds will be used to acquire real property in Stroud Township, Monroe County, Pa., for the construction of SLM Hospital, as well as the equipment and furnishing of the hospital.
| Issuer: | Pocono Mountains Industrial Park Authority/St. Luke’s Hospital
|
| Issue: | Series 2015 hospital revenue bonds
|
| Amount: | $80 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Lancaster Pollard & Co. (lead)
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A-
|
| Pricing date: | Jan. 29
|
| Settlement date: | Feb. 12
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $31,665,000 | 2040 | Term | 5% | 115.311 | 3.20%
|
| $48,335,000 | 2045 | Term | 4% | 100.245 | 3.97%
|
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