Published on 8/10/2016 in the Prospect News Municipals Daily.
New Issue: Lexington County Health, S.C., brings $176.58 million of hospital bonds
By Sheri Kasprzak
New York, Aug. 10 – The Lexington County Health Services District of South Carolina priced $176.58 million of series 2016 hospital revenue bonds for the Lexington Medical Center, according to a pricing sheet. The offering was upsized from $171 million.
The bonds (A1//A+) were sold through senior manager Citigroup Global Markets Inc.
The bonds are due 2033 to 2041 with a term bond due in 2046. The serial coupons range from 3% to 5% with yields from 2.56% to 3.09%. The 2046 bonds have a 4% coupon priced at 107.749 to yield 3.07% and a 5% coupon priced at 118.855 to yield 2.77%.
Proceeds will be used to finance construction projects at Lexington Medical Center.
| Issuer: | Lexington County Health Services District/Lexington Medical Center
|
| Issue: | Series 2016 hospital revenue bonds
|
| Amount: | $176.58 million
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Ratings: | Moody’s: A1
|
| Fitch: A+
|
| Pricing date: | Aug. 9
|
| Settlement date: | Aug. 18
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6.55 million | 2033 | Serial | 3% | 98.803 | 3.09%
|
| $6.82 million | 2034 | Serial | 5% | 120.842 | 2.56%
|
| $7.17 million | 2035 | Serial | 5% | 120.565 | 2.61%
|
| $7.54 million | 2036 | Serial | 5% | 119.986 | 2.65%
|
| $11,805,000 | 2037 | Serial | 5% | 119.702 | 2.68%
|
| $53,595,000 | 2041 | Term | 5% | 119.231 | 2.73%
|
| $49.62 million | 2046 | Term | 4% | 107.749 | 3.07%
|
| $33.48 million | 2046 | Term | 5% | 118.855 | 2.77%
|
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