By Sheri Kasprzak
New York, July 29 - The Grand Traverse County Hospital Finance Authority of Michigan sold $81.52 million of series 2011A revenue refunding bonds for the Munson Health Care Obligated Group, according to a pricing sheet.
The bonds (A1//AA-) were sold through Bank of America Merrill Lynch.
The bonds are due 2012 to 2023 with term bonds due in 2029 and 2035. The serial coupons ranged from 2% to 5%. The 2029 bonds have a 5% coupon priced at 97.683, and the 2035 bonds have a 5.375% coupon priced at 96.793.
Proceeds will be used to purchase and cancel the obligated group's series 1998A revenue bonds and refund its series 2001A, 2002A and 2005A-B revenue bonds.
| Issuer: | Grand Traverse County Hospital Finance Authority/Munson Health Care Obligated Group
|
| Issue: | Series 2011A revenue refunding bonds
|
| Amount: | $81.52 million
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch
|
| Ratings: | Moody's: A1
|
| Fitch: AA-
|
| Pricing date: | July 29
|
| Settlement date: | Aug. 10
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.66 million | 2012 | Serial | 2% | 100.885
|
| $2.01 million | 2013 | Serial | 3% | 102.975
|
| $2.135 million | 2014 | Serial | 4% | 105.937
|
| $2.23 million | 2015 | Serial | 5% | 109.68
|
| $2.35 million | 2016 | Serial | 5% | 110.277
|
| $2.47 million | 2017 | Serial | 5% | 110.213
|
| $430,000 | 2018 | Serial | 4% | 103.159
|
| $2.165 million | 2018 | Serial | 5% | 109.239
|
| $2.72 million | 2019 | Serial | 5% | 108.041
|
| $2.865 million | 2020 | Serial | 5% | 106.953
|
| $3.01 million | 2021 | Serial | 5% | 106.167
|
| $3.165 million | 2022 | Serial | 5% | 104.113
|
| $3.315 million | 2023 | Serial | 4.5% | 98.457
|
| $23.755 million | 2029 | Term | 5% | 97.683
|
| $27.24 million | 2035 | Term | 5.375% | 96.793
|
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