By Sheri Kasprzak
New York, Oct. 26 - The Kalamazoo Hospital Finance Authority of Michigan sold $101.9 million of series 2011 hospital revenue bonds on Wednesday for the Bronson Health Care Group, according to a pricing sheet.
The offering included $22.9 million of series 2011A tax-exempt revenue bonds and $79 million of series 2011B taxable revenue bonds.
The 2011A bonds are due 2012 to 2021 with term bonds due in 2026, 2031, 2033 and 2041. The serial coupons range from 2% to 4%. The 2026 bonds have a split maturity with a 4.5% coupon priced at 96.885 and a 5.25% coupon priced at 103.795. The 2031 bonds have a 5.125% coupon priced at 98.482. The 2033 bonds have a 5.25% coupon priced at 98.728, and the 2041 bonds have a 5.25% coupon priced at 97.077.
The 2011B bonds are due May 15, 2041 and have a 3.125% coupon priced at par.
The bonds (A2) were sold through Ziegler Capital Markets, according to the pricing sheet.
Proceeds will be used to finance the acquisition of certain assets and the construction of a hospice residence in Battle Creek, Mich., and a nursing home facility in Antwerp, Mich., to be operated by Bronson Health.
| Issuer: | Kalamazoo Hospital Finance Authority/Bronson Health Care Group
|
| Issue: | Series 2011 hospital revenue bonds
|
| Amount: | $101.9 million
|
| Type: | Negotiated
|
| Underwriter: | Ziegler Capital Markets
|
| Rating: | Moody's: A2
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 3
|
|
|
| $22.9 million series 2011A tax-exempt revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $215,000 | 2012 | Serial | 2% | 100.105
|
| $405,000 | 2013 | Serial | 3% | 101.35
|
| $420,000 | 2014 | Serial | 3% | 101.589
|
| $430,000 | 2015 | Serial | 4% | 104.18
|
| $445,000 | 2016 | Serial | 4% | 103.778
|
| $465,000 | 2017 | Serial | 3% | 98.244
|
| $480,000 | 2018 | Serial | 3.375% | 98.699
|
| $495,000 | 2019 | Serial | 3.625% | 97.898
|
| $515,000 | 2020 | Serial | 4% | 98.576
|
| $535,000 | 2021 | Serial | 4% | 97.672
|
| $1.28 million | 2026 | Term | 4.5% | 96.885
|
| $1.785 million | 2026 | Term | 5.25% | 103.795
|
| $3.905 million | 2031 | Term | 5.125% | 98.482
|
| $1.86 million | 2033 | Term | 5.25% | 98.728
|
| $9.665 million | 2041 | Term | 5.25% | 97.077
|
|
|
| $79 million series 2011B taxable revenue bonds
|
| Maturity | Type | Coupon | Price
|
| May 15, 2041 | Term | 3.125% | 100
|
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