Published on 12/4/2014 in the Prospect News Municipals Daily.
New Issue: Illinois Finance prices $292.19 million of Advocate Health Care bonds
By Sheri Kasprzak
New York, Dec. 4 – The Illinois Finance Authority priced $292.19 million of series 2014 revenue bonds for Advocate Health Care Network, according to a pricing sheet.
The bonds (Aa2/AA/AA) were sold through J.P. Morgan Securities LLC.
The bonds are due 2019 to 2031 with term bonds due in 2033 and 2038. The serial bonds have 5% coupons with 1.36% to 3.24% yields. The 2033 bonds have a 5% coupon priced at 113.469 to yield 3.35%. The 2038 bonds have a 4% coupon priced at par and a 5% coupon priced at 112.593 to yield 3.45%.
Proceeds will be used to advance refund existing bonds issued by Advocate Sherman Health and Advocate Health Care Network.
| Issuer: | Illinois Finance Authority/Advocate Health Care Network
|
| Issue: | Series 2014 revenue bonds
|
| Amount: | $292.19 million
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Fitch: AA
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 18
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $9.08 million | 2019 | Serial | 5% | 116.242 | 1.36%
|
| $9,175,000 | 2020 | Serial | 5% | 117.73 | 1.68%
|
| $9,005,000 | 2021 | Serial | 5% | 118.579 | 1.99%
|
| $8.89 million | 2022 | Serial | 5% | 119.231 | 2.24%
|
| $7.4 million | 2023 | Serial | 5% | 119.874 | 2.43%
|
| $7,365,000 | 2024 | Serial | 5% | 120.59 | 2.57%
|
| $7.28 million | 2025 | Serial | 5% | 119.18 | 2.72%
|
| $7,145,000 | 2026 | Serial | 5% | 117.331 | 2.92%
|
| $7,175,000 | 2027 | Serial | 5% | 116.692 | 2.99%
|
| $12,045,000 | 2028 | Serial | 5% | 116.419 | 3.02%
|
| $12.58 million | 2029 | Serial | 5% | 115.605 | 3.11%
|
| $13,155,000 | 2030 | Serial | 5% | 114.977 | 3.18%
|
| $12.81 million | 2031 | Serial | 5% | 114.442 | 3.24%
|
| $46.69 million | 2033 | Term | 5% | 113.469 | 3.35%
|
| $60.05 million | 2038 | Term | 4% | 100 | 4.00%
|
| $74,925,000 | 2038 | Term | 5% | 112.593 | 3.45%
|
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