Published on 11/8/2013 in the Prospect News Municipals Daily.
New Issue: Genesis Health, Iowa, sells $121 million revenue bonds
By Sheri Kasprzak
New York, Nov. 8 - The Iowa Finance Authority offered up $121 million of series 2013 health care revenue bonds for Genesis Health System, according to a pricing sheet.
The bonds (A1) were sold through Piper Jaffray & Co.
The bonds are due 2017 to 2028 with a term bond due in 2033. The serial coupons range from 4% to 5% with 1.37% to 4.48% yields. The 2033 bonds have a 5% coupon priced at 98.157 to yield 5.15%, and a 5.5% coupon priced at 104.311 to yield 4.93%.
Proceeds will be used to finance the construction of a new seven-story building at the health system's Davenport east campus, as well as to renovate existing buildings on the east campus.
| Issuer: | Iowa Finance Authority/Genesis Health System
|
| Issue: | Series 2013 health care revenue bonds
|
| Amount: | $121 million
|
| Type: | Negotiated
|
| Underwriter: | Piper Jaffray & Co. (lead)
|
| Rating: | Moody's: A1
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 26
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $390,000 | 2017 | Serial | 4% | 109.199 | 1.37%
|
| $405,000 | 2018 | Serial | 4% | 109.524 | 1.83%
|
| $450,000 | 2019 | Serial | 5% | 114.102 | 2.30%
|
| $480,000 | 2020 | Serial | 5% | 113.359 | 2.77%
|
| $875,000 | 2021 | Serial | 5% | 112.194 | 3.18%
|
| $2,615,000 | 2022 | Serial | 5% | 111.679 | 3.42%
|
| $4.97 million | 2023 | Serial | 5% | 110.758 | 3.65%
|
| $5,235,000 | 2024 | Serial | 5% | 108.983 | 3.87%
|
| $8,895,000 | 2025 | Serial | 5% | 107.653 | 4.03%
|
| $9,315,000 | 2026 | Serial | 4% | 97.291 | 4.28%
|
| $10,635,000 | 2027 | Serial | 5% | 105.211 | 4.33%
|
| $11.18 million | 2028 | Serial | 5% | 104.015 | 4.48%
|
| $31,305,000 | 2033 | Term | 5% | 98.157 | 5.15%
|
| $34.25 million | 2033 | Term | 5.5% | 104.311 | 4.93%
|
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