Published on 12/11/2014 in the Prospect News Municipals Daily.
New Issue: MidMichigan Health prices $170.6 million of hospital refunding bonds
By Sheri Kasprzak
New York, Dec. 11 – The Michigan Finance Authority priced $170,595,000 of series 2014 hospital revenue refunding bonds for the MidMichigan Health Credit Group, according to a pricing sheet.
The bonds (/A+/) were sold through RBC Capital Markets LLC.
The bonds are due 2016 to 2034 with a term bond due in 2039. The serial coupons range from 4% to 5% with 0.48% to 3.41% yields. The 2039 bonds have a 4% coupon priced at 111.811 to yield 3.52% and a 5% coupon priced at 99.38 to yield 4.04%.
Proceeds will be used to finance the construction, equipment and acquisition of health care facilities for MidMichigan, as well as to refund the authority’s series 2006A and 2009A revenue bonds.
| Issuer: | Michigan Finance Authority/MidMichigan Health Credit Group
|
| Issue: | Series 2014 hospital revenue refunding bonds
|
| Amount: | $170,595,000
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets LLC (lead)
|
| Rating: | Standard & Poor’s: A+
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 18
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,645,000 | 2016 | Serial | 4% | 105.089 | 0.48%
|
| $1,715,000 | 2017 | Serial | 4% | 107.629 | 0.85%
|
| $1.78 million | 2018 | Serial | 4% | 109.37 | 1.22%
|
| $1,835,000 | 2019 | Serial | 4% | 110.456 | 1.56%
|
| $3.19 million | 2020 | Serial | 4% | 111.102 | 1.85%
|
| $3.32 million | 2021 | Serial | 5% | 117.348 | 2.11%
|
| $3,485,000 | 2022 | Serial | 5% | 117.869 | 2.37%
|
| $3.66 million | 2023 | Serial | 5% | 118.606 | 2.54%
|
| $3.84 million | 2024 | Serial | 5% | 119.166 | 2.69%
|
| $4.07 million | 2025 | Serial | 5% | 117.523 | 2.87%
|
| $4.27 million | 2026 | Serial | 5% | 116.353 | 3.00%
|
| $4,485,000 | 2027 | Serial | 5% | 115.818 | 3.06%
|
| $7.86 million | 2028 | Serial | 5% | 115.109 | 3.14%
|
| $8,255,000 | 2029 | Serial | 5% | 114.581 | 3.20%
|
| $8.67 million | 2030 | Serial | 5% | 114.055 | 3.26%
|
| $9,105,000 | 2031 | Serial | 5% | 113.706 | 3.30%
|
| $9.56 million | 2032 | Serial | 5% | 113.359 | 3.34%
|
| $10,965,000 | 2033 | Serial | 5% | 113.099 | 3.37%
|
| $11.51 million | 2034 | Serial | 5% | 112.754 | 3.41%
|
| $38,375,000 | 2039 | Term | 4% | 111.811 | 3.52%
|
| $29 million | 2039 | Term | 5% | 99.38 | 4.04%
|
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