By Sheri Kasprzak
New York, Dec. 14 - The West Virginia Hospital Finance Authority priced $103.405 million in series 2009C hospital revenue refunding and improvement bonds, according to an official statement. The bonds were sold for the West Virginia United Health System Obligated Group.
The bonds (A2/A+/) were sold through senior manager Merrill Lynch & Co. The co-manager was J.P. Morgan Securities Inc.
The bonds are due 2017 to 2019 with term bonds due 2024, 2029, 2034 and 2039. The serials have coupons from 4% to 5% with yields from 4.14% to 4.53%. The 2024 bonds have a 5% coupon to yield 5.15% and the 2029 bonds have a 5.25% coupon to yield 5.45%. The 2034 bonds have a 5.5% coupon to yield 5.65% and the 2039 bonds have a 5.5% coupon to yield 5.7%.
Proceeds will be used to construct, acquire, equip and renovate facilities operated by West Virginia United Health System, as well as to refund the authority's series 2008C bonds.
| Issuer: | West Virginia Hospital Finance Authority/West Virginia United Health System Obligated Group
|
| Issue: | Series 2009C hospital revenue refunding and improvement bonds
|
| Amount: | $103.405 million
|
| Type: | Negotiated
|
| Underwriters: | Merrill Lynch & Co. (lead), J.P. Morgan Securities Inc. (co-manager)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 17
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2017 | Serial | 4% | 4.14%
|
| 2018 | Serial | 5% | 4.36%
|
| 2019 | Serial | 4.5% | 4.53%
|
| 2024 | Term | 5% | 5.15%
|
| 2029 | Term | 5.25% | 5.45%
|
| 2034 | Term | 5.5% | 5.65%
|
| 2039 | Term | 5.5% | 5.70%
|
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