Published on 7/24/2015 in the Prospect News Municipals Daily.
New Issue: Lake County, Ohio, prices $64.34 million of Lake Hospital revenue bonds
By Sheri Kasprzak
New York, July 24 – Lake County, Ohio, priced $64.34 million of series 2015 hospital facilities refunding revenue bonds for Lake Hospital System Inc., according to a pricing sheet.
The bonds (A3//A-) were sold through senior manager Morgan Stanley & Co. LLC.
The bonds are due 2019 to 2030 with term bonds due in 2035 and 2045. The serial bonds have 5% coupons with 1.78% to 3.74% yields. The 2035 bonds have a 4% coupon priced at 97.971 to yield 4.15% and the 2045 bonds have a 5% coupon priced at 106.409 to yield 4.21%.
Proceeds will be used to finance or reimburse the hospital for costs associated with constructing, equipping, acquiring and improving hospital facilities, as well as to refund the hospital’s series 2008C revenue bonds.
| Issuer: | Lake County, Ohio/Lake Hospital System Inc.
|
| Issue: | Series 2015 hospital facilities refunding revenue bonds
|
| Amount: | $64.34 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Ratings: | Moody’s: A3
|
| Fitch: A-
|
| Pricing date: | July 24
|
| Settlement date: | Aug. 3
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.27 million | 2019 | Serial | 5% | 112.477 | 1.78%
|
| $2,385,000 | 2020 | Serial | 5% | 113.987 | 2.06%
|
| $1.92 million | 2021 | Serial | 5% | 114.643 | 2.38%
|
| $2.37 million | 2022 | Serial | 5% | 114.505 | 2.72%
|
| $2.52 million | 2023 | Serial | 5% | 114.489 | 2.96%
|
| $2,755,000 | 2024 | Serial | 5% | 114.614 | 3.13%
|
| $2,675,000 | 2025 | Serial | 5% | 114.419 | 3.30%
|
| $2.84 million | 2026 | Serial | 5% | 113.322 | 3.42%
|
| $3.03 million | 2027 | Serial | 5% | 112.598 | 3.50%
|
| $3.03 million | 2028 | Serial | 5% | 111.79 | 3.59%
|
| $3,145,000 | 2029 | Serial | 5% | 111.077 | 3.67%
|
| $1,505,000 | 2030 | Serial | 5% | 110.459 | 3.74%
|
| $6.76 million | 2035 | Term | 4% | 97.971 | 4.15%
|
| $27,135,000 | 2045 | Term | 5% | 106.409 | 4.21%
|
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