Published on 7/13/2016 in the Prospect News Municipals Daily.
New Issue: Louisville/Jefferson County Government prices $521.05 million bonds
By Sheri Kasprzak
New York, July 13 – The Louisville/Jefferson County Metropolitan Government of Kentucky priced $521.05 million of series 2016A health system revenue bonds for Norton Healthcare Inc., according to a pricing sheet.
The bonds (/A-/A) were sold through J.P. Morgan Securities LLC and Citigroup Global Markets Inc.
The bonds are due 2017 to 2037 with 3% to 5.5% coupons and yields from 0.8% to 3.11%.
Proceeds will be used construct, equip, improve, acquire and renovate Norton Hospitals facilities and refund the health care system’s series 2006 revenue bonds.
| Issuer: | Louisville/Jefferson County Metropolitan Government/Norton Healthcare Inc.
|
| Issue: | Series 2016A health system revenue bonds
|
| Amount: | $521.05 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (lead), Ramirez & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | S&P: A-
|
| Fitch: A
|
| Pricing date: | July 12
|
| Settlement date: | Aug. 11
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,445,000 | 2017 | Serial | 5.5% | 105.316 | 0.80%
|
| $6,265,000 | 2018 | Serial | 5% | 108.665 | 0.90%
|
| $5.51 million | 2019 | Serial | 5% | 112.229 | 1.03%
|
| $5.53 million | 2020 | Serial | 5% | 115.428 | 1.17%
|
| $5.58 million | 2021 | Serial | 3% | 108.112 | 1.36%
|
| $5.51 million | 2022 | Serial | 5% | 120.386 | 1.51%
|
| $5,525,000 | 2023 | Serial | 5% | 122.546 | 1.64%
|
| $5.92 million | 2024 | Serial | 5% | 124.209 | 1.79%
|
| $6.39 million | 2025 | Serial | 5% | 125.796 | 1.91%
|
| $16.21 million | 2026 | Serial | 5% | 126.879 | 2.05%
|
| $11 million | 2027 | Serial | 5% | 125.732 | 2.16%
|
| $7.5 million | 2028 | Serial | 5% | 124.7 | 2.26%
|
| $44,935,000 | 2029 | Serial | 5% | 123.984 | 2.33%
|
| $47.33 million | 2030 | Serial | 5% | 123.577 | 2.37%
|
| $49.7 million | 2031 | Serial | 5% | 123.171 | 2.41%
|
| $52,185,000 | 2032 | Serial | 5% | 122.666 | 2.46%
|
| $54.79 million | 2033 | Serial | 5% | 122.164 | 2.51%
|
| $57.53 million | 2034 | Serial | 4% | 109.969 | 2.86%
|
| $59.3 million | 2035 | Serial | 4% | 109.6 | 2.90%
|
| $61,675,000 | 2036 | Serial | 4% | 109.232 | 2.94%
|
| $7.22 million | 2037 | Serial | 3% | 98.302 | 3.11%
|
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