Published on 7/29/2015 in the Prospect News Municipals Daily.
New Issue: Kentucky Economic Development prices $92.65 million of Owensboro bonds
By Sheri Kasprzak
New York, July 29 – The Kentucky Economic Development Authority priced $92.65 million of series 2015 hospital revenue bonds for Owensboro Health Inc., said a pricing sheet.
The deal included $67,585,000 of series 2015A bonds and $25,065,000 of series 2015B refunding bonds.
The 2015A bonds are due in 2046 and 2050. The 2046 bonds have a 4.5% coupon and priced at 97.711, and the 2050 bonds have a 5.25% coupon and priced at 105.559.
The 2015B bonds are due 2016 to 2030 with 3% to 5% coupons.
The bonds (Baa3//BBB+) were sold through BofA Merrill Lynch.
Proceeds will be used to finance a loan to Owensboro Health to construct, equip, install and improve health-care facilities and to refund a portion of the health-care system’s series 2010B revenue bonds.
| Issuer: | Kentucky Economic Development Authority/Owensboro Health Inc.
|
| Issue: | Series 2015 hospital revenue bonds
|
| Amount: | $92.65 million
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB+
|
| Pricing date: | July 29
|
| Settlement date: | Aug. 13
|
|
|
| $67,585,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $12,175,000 | 2046 | Term | 4.5% | 97.711
|
| $55.41 million | 2050 | Term | 5.25% | 105.559
|
|
|
| $25,065,000 series 2015B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.2 million | 2016 | Serial | 5% | 103.358
|
| $1.23 million | 2017 | Serial | 5% | 106.43
|
| $1,275,000 | 2018 | Serial | 5% | 108.783
|
| $1.33 million | 2019 | Serial | 5% | 110.767
|
| $1.4 million | 2020 | Serial | 5% | 111.863
|
| $1.47 million | 2021 | Serial | 5% | 112.096
|
| $1,545,000 | 2022 | Serial | 5% | 111.824
|
| $1.63 million | 2023 | Serial | 3% | 98.422
|
| $1.71 million | 2024 | Serial | 5% | 112.238
|
| $1,795,000 | 2025 | Serial | 5% | 112.349
|
| $1,895,000 | 2026 | Serial | 5% | 111.12
|
| $1.99 million | 2027 | Serial | 5% | 110.339
|
| $2.09 million | 2028 | Serial | 5% | 109.565
|
| $2,195,000 | 2029 | Serial | 5% | 108.882
|
| $2.31 million | 2030 | Serial | 5% | 108.289
|
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