By Sheri Kasprzak
New York, Nov. 5 - The Michigan Finance Authority priced $107.29 million of series 2012A hospital revenue and refunding bonds for the Crittenton Hospital Medical Center, according to a pricing sheet.
The bonds (Baa2/A-/) were sold through J.P. Morgan Securities LLC.
The bonds are due 2013 to 2022 with term bonds due in 2027, 2032 and 2039. The serial coupons range from 2% to 5%. The 2027 bonds have a 5% coupon priced at 109.113, and the 2032 bonds have a 4.125% coupon priced at 98.349. The 2039 bonds have a 5% coupon priced at 113.909.
Proceeds will be used to finance capital improvements at the medical center's properties, as well as to refund the medical center's series 2002A and 2003A-B revenue bonds.
| Issuer: | Michigan Finance Authority/Crittenton Hospital Medical Center
|
| Issue: | Series 2012A hospital revenue and refunding bonds
|
| Amount: | $107.29 million
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
| Pricing date: | Nov. 2
|
| Settlement date: | Nov. 14
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,775,000 | 2013 | Serial | 5% | 100.934
|
| $2,085,000 | 2014 | Serial | 2% | 103.715
|
| $2.18 million | 2015 | Serial | 5% | 107.931
|
| $2.29 million | 2016 | Serial | 5% | 110.258
|
| $2.41 million | 2017 | Serial | 5% | 112.098
|
| $2.53 million | 2018 | Serial | 5% | 113.538
|
| $41.93 million | 2019 | Serial | 5% | 105.592
|
| $2.8 million | 2020 | Serial | 5% | 113.85
|
| $2.94 million | 2021 | Serial | 5% | 113.526
|
| $3.09 million | 2022 | Serial | 5% | 113.123
|
| $18 million | 2027 | Term | 5% | 109.113
|
| $22.6 million | 2032 | Term | 4.125% | 98.349
|
| $2.66 million | 2039 | Term | 5% | 113.909
|
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