Published on 5/1/2014 in the Prospect News Municipals Daily.
New Issue: Dutchess County Local Development, N.Y., sells $54.62 million bonds
By Sheri Kasprzak
New York, May 1 - The Dutchess County Local Development Corp. priced $54,615,000 of series 2014 revenue bonds for Health Quest Systems Inc., according to a pricing sheet.
The deal included $31.42 million of series 2014A bonds and $23,195,000 of series 2014B taxable bonds.
The 2014A bonds are due 2020 to 2029 with term bonds due in 2034 and 2044. The serial coupons range from 4% to 5%. The 2034 bonds have a 5% coupon priced at 112.102, and the 2044 bonds have a 5% coupon priced at 111.031.
The 2014B bonds are due 2015 to 2024 with term bonds due in 2029, 2034 and 2044. The serial coupons range from 1.35% to 5%, all priced at par. The 2029 bonds have a 5.5% coupon priced at par, and the 2034 bonds have a 5.75% coupon priced at par. The 2044 bonds have a 5.9% coupon priced at par.
The bonds (A3/A-/) were sold through BofA Merrill Lynch.
Proceeds will be used to acquire, construct, improve and repair the Northern Dutchess Hospital in Rhinebeck, N.Y.
| Issuer: | Dutchess County Local Development Corp./Health Quest Systems Inc.
|
| Issue: | Series 2014 revenue bonds
|
| Amount: | $54,615,000
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Pricing date: | May 1
|
| Settlement date: | May 14
|
|
|
| $31.42 million series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $670,000 | 2020 | Serial | 4% | 109.786
|
| $700,000 | 2021 | Serial | 5% | 115.596
|
| $735,000 | 2022 | Serial | 5% | 115.658
|
| $770,000 | 2023 | Serial | 4% | 107.518
|
| $800,000 | 2024 | Serial | 5% | 115.278
|
| $840,000 | 2025 | Serial | 5% | 114.82
|
| $880,000 | 2026 | Serial | 5% | 114.293
|
| $925,000 | 2027 | Serial | 5% | 113.979
|
| $1.02 million | 2029 | Serial | 5% | 113.09
|
| $5,915,000 | 2034 | Term | 5% | 112.102
|
| $17,195,000 | 2044 | Term | 5% | 111.031
|
|
|
| $23,195,000 series 2014B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.67 million | 2015 | Serial | 1.35% | 100
|
| $1,695,000 | 2016 | Serial | 1.65% | 100
|
| $1.72 million | 2017 | Serial | 2.50% | 100
|
| $1.77 million | 2018 | Serial | 3.20% | 100
|
| $1.82 million | 2019 | Serial | 3.60% | 100
|
| $1.89 million | 2020 | Serial | 4.10% | 100
|
| $1,965,000 | 2021 | Serial | 4.40% | 100
|
| $2,055,000 | 2022 | Serial | 4.55% | 100
|
| $2.15 million | 2023 | Serial | 4.75% | 100
|
| $2.25 million | 2024 | Serial | 5.00% | 100
|
| $655,000 | 2029 | Term | 5.50% | 100
|
| $865,000 | 2034 | Term | 5.75% | 100
|
| $2.69 million | 2044 | Term | 5.90% | 100
|
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