Published on 7/27/2016 in the Prospect News Municipals Daily.
New Issue: Rhode Island Health brings $265.47 million of Lifespan hospital bonds
By Sheri Kasprzak
New York, July 27 – The Rhode Island Health and Educational Building Corp. sold $265.47 million of series 2016 hospital financing revenue refunding bonds for Lifespan Obligated Group, said a pricing sheet.
The bonds (/BBB+/BBB+) were sold through Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
The bonds are due 2017 to 2034 with term bonds due in 2036 and 2039. The serial bonds have 5% coupons with yields from 1.03% to 2.96%. The 2036 bonds have a 4% coupon priced at 105.796 to yield 3.30%, and the 2039 bonds have a 5% coupon priced at 116.81 to yield 3.00%.
Proceeds will be used to refund the obligated group’s series 1996 and 2006A revenue bonds.
| Issuer: | Rhode Island Health and Educational Building Corp./Lifespan Obligated Group
|
| Issue: | Series 2016 hospital financing revenue refunding bonds
|
| Amount: | $265.47 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (lead), Janney Montgomery Scott LLC and Oppenheimer & Co. (co-managers)
|
| Ratings: | S&P: BBB+
|
| Fitch: BBB+
|
| Pricing date: | July 27
|
| Settlement date: | Aug. 11
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $14,715,000 | 2017 | Serial | 5% | 103 | 1.03%
|
| $12,265,000 | 2018 | Serial | 5% | 106.727 | 1.13%
|
| $12.88 million | 2019 | Serial | 5% | 110.087 | 1.27%
|
| $13,525,000 | 2020 | Serial | 5% | 113.064 | 1.42%
|
| $14,205,000 | 2021 | Serial | 5% | 115.524 | 1.60%
|
| $14.91 million | 2022 | Serial | 5% | 117.434 | 1.80%
|
| $15,655,000 | 2023 | Serial | 5% | 119.019 | 1.98%
|
| $16,435,000 | 2024 | Serial | 5% | 120.427 | 2.13%
|
| $17,255,000 | 2025 | Serial | 5% | 121.31 | 2.30%
|
| $18.13 million | 2026 | Serial | 5% | 122.015 | 2.45%
|
| $6.54 million | 2027 | Serial | 5% | 120.856 | 2.57%
|
| $6,865,000 | 2028 | Serial | 5% | 119.996 | 2.66%
|
| $7,205,000 | 2029 | Serial | 5% | 119.521 | 2.71%
|
| $7.57 million | 2030 | Serial | 5% | 119.048 | 2.76%
|
| $7,945,000 | 2031 | Serial | 5% | 118.578 | 2.81%
|
| $8,345,000 | 2032 | Serial | 5% | 118.109 | 2.86%
|
| $8,765,000 | 2033 | Serial | 5% | 117.643 | 2.91%
|
| $9.2 million | 2034 | Serial | 5% | 117.18 | 2.96%
|
| $10.14 million | 2036 | Term | 4% | 105.796 | 3.30%
|
| $42.92 million | 2039 | Term | 5% | 116.81 | 3.00%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
