Published on 5/9/2013 in the Prospect News Municipals Daily.
New Issue: Beacon Health, Ind., prices $158.47 million hospital revenue bonds
By Sheri Kasprzak
New York, May 9 - The Beacon Health System Obligated Group of Indiana sold $158,465,000 of series 2013 hospital revenue bonds, according to a pricing sheet.
The offering included $117.13 million of series 2013A bonds through the Indiana Finance Authority and $41,335,000 of series 2013C bonds through the Hospital Authority of St. Joseph County.
The Indiana Finance bonds are due 2013 to 2028 with term bonds due in 2030 and 2034. The serial coupons range from 2% to 5%. The 2030 bonds have a 3.5% coupon priced at 97.839 and the 2034 bonds have a 5% coupon priced at 112.987.
The St. Joseph County bonds are due 2034, 2036 and 2044. The 2034 bonds have a 3.75% coupon priced at 98.126 and the 2036 bonds have a 5% coupon priced at 112.072. The 2044 bonds have a 4% coupon priced at 96.028.
The bonds (/AA-/AA-) were sold through senior managers Wells Fargo Securities LLC and J.P. Morgan Securities LLC.
Proceeds will be used to refund Beacon's series 1998 and 2008B bonds.
| Issuer: | Beacon Health System Obligated Group
|
| Issue: | Series 2013 hospital revenue bonds
|
| Amount: | $158,465,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and J.P. Morgan Securities LLC (lead)
|
| Ratings: | Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | May 8
|
| Settlement date: | May 21
|
|
|
| $117.13 million series 2013A bonds through Indiana Finance Authority
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.45 million | 2013 | Serial | 2% | 100.396
|
| $4.65 million | 2014 | Serial | 3% | 103.258
|
| $4.82 million | 2015 | Serial | 4% | 107.693
|
| $5,025,000 | 2016 | Serial | 5% | 113.55
|
| $5,325,000 | 2017 | Serial | 5% | 116.583
|
| $5,615,000 | 2018 | Serial | 5% | 118.937
|
| $5.21 million | 2019 | Serial | 4% | 114.565
|
| $5.45 million | 2020 | Serial | 5% | 121.685
|
| $5,755,000 | 2021 | Serial | 5% | 122.241
|
| $6.07 million | 2022 | Serial | 5% | 122.248
|
| $6,405,000 | 2023 | Serial | 5% | 122.142
|
| $6,775,000 | 2024 | Serial | 5% | 120.839
|
| $7,145,000 | 2025 | Serial | 5% | 119.748
|
| $7,545,000 | 2026 | Serial | 5% | 118.28
|
| $7.95 million | 2027 | Serial | 5% | 117.217
|
| $8.38 million | 2028 | Serial | 5% | 116.261
|
| $3.23 million | 2030 | Term | 3.5% | 97.839
|
| $15.33 million | 2034 | Term | 5% | 112.987
|
|
|
| $41,335,000 series 2013C bonds through Hospital Authority of St. Joseph County
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.9 million | 2034 | Term | 3.75% | 98.126
|
| $6,265,000 | 2036 | Term | 5% | 112.072
|
| $32.17 million | 2044 | Term | 4% | 96.028
|
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