Published on 5/15/2013 in the Prospect News Municipals Daily.
New Issue: Ohio offers $105.45 million of Cleveland Clinic Health hospital revenue bonds
By Sheri Kasprzak
New York, May 15 - The State of Ohio priced $105,445,000 of series 2013A hospital revenue bonds for the Cleveland Clinic Health Obligated Group, according to a pricing sheet.
The bonds (Aa2/AA-/) were sold through J.P. Morgan Securities LLC.
The sale included $62.65 million of series 2013A-1 bonds and $42,795,000 of series 2013A-2 bonds.
The 2013A-1 bonds are due in 2042 and have a 4% coupon priced at 99.322 to yield 4.04% and a 5% coupon priced at 111.093 to yield 3.62%.
The 2013A-2 bonds are due 2014 to 2016 with a term bond due in 2018. The serial bonds have 1% coupons priced at par and the 2018 bonds have a 1% coupon priced at par.
Proceeds will be used to construct, renovate, improve and acquire Cleveland Clinic facilities.
Issuer: | State of Ohio/Cleveland Clinic Health Obligated Group
|
Issue: | Series 2013A hospital revenue bonds
|
Amount: | $105,445,000
|
Type: | Negotiated
|
Underwriters: | J.P. Morgan Securities LLC (lead), PNC Capital Markets LLC, Wells Fargo Securities LLC, US Bancorp Investments Inc. and BNY Mellon Capital Markets LLC (co-managers)
|
Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
Pricing date: | May 15
|
Settlement date: | May 29
|
|
$62.65 million series 2013A-1 bonds
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$35 million | 2042 | Term | 4% | 99.322 | 4.04%
|
$27.65 million | 2042 | Term | 5% | 111.093 | 3.62%
|
|
$42,795,000 series 2013A-2 bonds
|
Amount | Maturity | Type | Coupon | Price
|
$16,085,000 | 2014 | Serial | 1% | 100
|
$8,165,000 | 2015 | Serial | 1% | 100
|
$8.07 million | 2016 | Serial | 1% | 100
|
$10,475,000 | 2018 | Term | 1% | 100
|
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