Published on 4/25/2012 in the Prospect News Municipals Daily.
New Issue: Grand Forks, N.D., sells $112.38 million revenue bonds for Altru Health
By Sheri Kasprzak
New York, April 25 - The City of Grand Forks, N.D., sold $112,375,000 of series 2012 health care system revenue bonds for Altru Health System Obligated Group, according to a pricing sheet.
The bonds (Baa1//A-) were sold through Bank of America Merrill Lynch and US Bancorp.
The bonds are due 2013 to 2022 with term bonds due in 2027, 2029, 2032 and 2035. The serial coupons range from 2.5% to 5%. The 2027 bonds have a 4% coupon priced at 98.516, and the 2029 bonds have a 5% coupon priced at 106.486. The 2032 bonds have a split maturity with a 4.5% coupon priced at par and a 5% coupon priced at 105.277. The 2035 bonds have a 5% coupon priced at 104.321.
Proceeds will be used to finance capital improvements to Altru's facilities, as well as to refund the obligated group's series 1996A, 1997 and 2010A-B revenue bonds.
| Issuer: | City of Grand Forks, N.D./Altru Health System Obligated Group
|
| Issue: | Series 2012 health care system revenue bonds
|
| Amount: | $112,375,000
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and US Bancorp (lead)
|
| Ratings: | Moody's: Baa1
|
| Fitch: A-
|
| Pricing date: | April 25
|
| Settlement date: | May 9
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $170,000 | 2013 | Serial | 2.5% | 102.113
|
| $300,000 | 2014 | Serial | 3% | 103.882
|
| $460,000 | 2015 | Serial | 4% | 107.554
|
| $565,000 | 2016 | Serial | 4% | 108.131
|
| $535,000 | 2019 | Serial | 4% | 106.858
|
| $585,000 | 2020 | Serial | 3% | 98.363
|
| $665,000 | 2021 | Serial | 4% | 104.777
|
| $735,000 | 2022 | Serial | 5% | 111.495
|
| $13,675,000 | 2027 | Term | 4% | 98.516
|
| $21,085,000 | 2029 | Term | 5% | 106.486
|
| $5.21 million | 2032 | Term | 4.5% | 100
|
| $30,535,000 | 2032 | Term | 5% | 105.277
|
| $37,855,000 | 2035 | Term | 5% | 104.321
|
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