By Sheri Kasprzak
New York, June 22 - The Dauphin County General Authority in Pennsylvania sold $193.88 million in series 2009 health system revenue bonds for Pinnacle Health System, according to an official statement.
The bonds (A2/A/) were sold Wednesday through lead manager Citigroup Global Markets Inc. and Wachovia Securities Inc.
The serial bonds are due 2010 to 2011 and 2014 with term bonds due 2013, 2017, 2020, 2029 and 2036. The serials have coupons from 3% to 4.5% and yields from 1.15% to 4.75%. The 2013 bonds have a 4% coupon to yield 4.25% and the 2017 bonds have a 5.25% coupon to yield 5.5%. The 2020 bonds have a 5.75% coupon to yield 6% and the 2029 bonds have a 6% coupon to yield 6.25%. The 2036 bonds have a 6% coupon to yield 6.391%.
Proceeds will be used to refund the health system's series 2005, 2005 and 2007 bonds, as well as fund a swap termination agreement.
| Issuer: | Dauphin County General Authority/Pinnacle Health System
|
| Issue: | Series 2009 health system revenue bonds
|
| Amount: | $193.88 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Wachovia Securities Inc.
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Pricing date: | June 17
|
| Settlement date: | June 24
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 3% | 1.15%
|
| 2011 | Serial | 3% | 2.875%
|
| 2014 | Serial | 4.5% | 4.75%
|
| 2013 | Term | 4% | 4.25%
|
| 2017 | Term | 5.25% | 5.50%
|
| 2020 | Term | 5.75% | 6.00%
|
| 2029 | Term | 6% | 6.25%
|
| 2036 | Term | 6% | 6.391%
|
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