By Sheri Kasprzak
New York, June 10 - The Iowa Finance Authority sold $90.995 million in series 2010 health-care revenue bonds on Thursday for Genesis Health System, said a pricing sheet.
The bonds (A1) were sold through senior manager Piper Jaffray & Co.
The bonds are due 2011 to 2021 with a term bond due 2026. Serial coupons range from 3% to 5%. The 2026 bonds have a 5% coupon, priced at 99.345.
Proceeds will be used to reimburse the health system for improvements to be completed in 2011 and to refund the system's series 1997 and 2000 bonds.
The authority, based in Des Moines, finances economic development projects and funds affordable housing projects.
The health system is based in Davenport, Iowa.
| Issuer: | Iowa Finance Authority/Genesis Health System
|
| Issue: | Series 2010 health-care revenue bonds
|
| Amount: | $90.995 million
|
| Type: | Negotiated
|
| Underwriter: | Piper Jaffray & Co.
|
| Rating: | Moody's: A1
|
| Pricing date: | June 10
|
| Settlement date: | June 24
|
|
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 3% | 101.910
|
| 2012 | Serial | 4% | 104.323
|
| 2013 | Serial | 5% | 107.923
|
| 2014 | Serial | 5% | 108.466
|
| 2015 | Serial | 5% | 109.011
|
| 2016 | Serial | 5% | 108.133
|
| 2017 | Serial | 5% | 107.077
|
| 2018 | Serial | 5% | 106.448
|
| 2019 | Serial | 5% | 105.569
|
| 2020 | Serial | 5% | 104.570
|
| 2021 | Serial | 5% | 103.777
|
| 2026 | Term | 5% | 99.345
|
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