Northwest Community Hospital, Ill., sells $154.765 million bonds; Puerto Rico to sell $250 million

By Sheri Kasprzak

New York, Aug. 29 - Although pricing action was subdued on Friday ahead of the Labor Day weekend, lots of offerings are piling up for September, including a fairly large offering from the Commonwealth of Puerto Rico, which is slated to price during the week of Sept. 1.

In light pricing activity, the details emerged on the Northwest Community Hospital in Illinois's $154.765 million in series 2008A revenue bonds, according to an official statement.

The bonds (Aa3/AA-/) were sold through senior managers Goldman, Sachs & Co. and Loop Capital Markets.

The bonds are due 2010 to 2023 with term bonds due 2028, 2033 and 2038. The serials have coupons from 4% to 5.25% with yields from 2.9% to 5.15%. The 2028 bonds have a 5.25% coupon to yield 5.45%, the 2033 bonds have a 5.375% coupon to yield 5.66%, and the 2038 bonds have a 5.5% coupon to yield 5.72%.

Proceeds will be used for the construction, acquisition and equipment of capital projects at the hospital.

Puerto Rico's G.O. sale

Coming up in the week of Sept. 1, Puerto Rico is gearing up to price $250 million in series 2008A public improvement general obligation bonds, according to a preliminary official statement.

The bonds will be sold on a negotiated basis with Banc of America Securities, Morgan Stanley and UBS Financial Services Puerto Rico as the senior managers.

Proceeds will be used for public improvements.

A little later in September, the City of New York will price $790 million in series 2009B G.O. bonds, according to a preliminary official statement. That sale is expected Sept. 10.

The offering includes $700 million in series 2009B-1 tax-exempt bonds and $90 million in series 2009B-2 taxable bonds.

The bonds will be sold through lead manager Citigroup Global Markets.

The bonds are due from 2010 to 2027.

Proceeds will be used for general capital expenses.

Mississippi to sell G.O.s

Another G.O. offering comes from the state of Mississippi, which intends to price $230.145 million in series 2008 G.O. bonds, according to a preliminary official statement released Friday.

The bonds (Aa3/AA/AA) will be sold on a competitive basis, but no sale date has been set at this time, a source at the issuer said. The bonds are expected to price in September.

The sale includes $133.545 million in series 2008A bonds and $96.6 million in series 2008B bonds.

The proceeds will be used for water conservation, fire truck acquisitions, water pollution control, shipyard improvements, railroad improvements, a children's museum, a wireless communications system in the state, as well as other initiatives.

Florida Housing sale ahead

Looking elsewhere in upcoming deals, the Florida Housing Finance Corp. is expected to sell $100 million in series 2008-3 homeowner mortgage revenue bonds, said a preliminary official statement.

Citigroup Global Markets is the senior manager for the negotiated sale.

The bonds are due 2010 to 2018 with term bonds due 2023, 2028, 2033, 2039 and 2039.

Proceeds will be used for the purchase of mortgage loans.

The Kentucky Housing Corp. also plans to sell housing-related bonds, according to a preliminary official statement.

The corporation plans to price $60 million in series 2008 housing revenue bonds, including $50 million in series 2008E non-AMT bonds and $10 million in series 2008F AMT bonds.

Merrill Lynch and Citigroup Global Markets are the senior managers for the negotiated sale.

The 2008E bonds are due from 2010 to 2018 with term bonds due 2023, 2028, 2033 and 2038. The 2008F bonds are due 2037.

Proceeds will be used to purchase mortgage loans and to make a deposit to a debt service reserve fund.

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