Published on 4/12/2016 in the Prospect News Investment Grade Daily and Prospect News Municipals Daily.
New Issue: Baylor Scott & White, Texas, brings $534.79 million of taxable bonds
By Sheri Kasprzak
New York, April 12 – Baylor Scott & White Holdings of Texas priced $534,785,000 of series 2016 taxable bonds, according to a pricing sheet.
The deal includes $50 million of bonds due Nov. 15, 2021; $100 million of bonds due Nov. 15, 2026; and $384,785,000 of bonds due Nov. 15, 2046.
The 2021 bonds have a 1.947% coupon, the 2026 bonds have a 2.65% coupon and the 2046 bonds have a 3.967% coupon all priced at par.
The bonds (Aa3/AA-/) were sold through senior managers Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
Proceeds will be used to finance capital improvements to Baylor Scott & White health care facilities, as well as to repay amounts drawn on a credit agreement with JPMorgan Chase Bank, NA.
| Issuer: | Baylor Scott & White Holdings
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| Issue: | Series 2016 taxable bonds
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| Amount: | $534,785,000
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| Type: | Negotiated
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| Underwriters: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), Estrada Hinojosa & Co. Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
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| Ratings: | Moody’s: Aa3
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| Standard & Poor’s: AA-
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| Pricing date: | April 6
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| Settlement date: | April 13
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| Amount | Maturity | Type | Coupon | Price
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| $50 million | Nov. 15, 2021 | Term | 1.947% | 100
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| $100 million | Nov. 15, 2026 | Term | 2.65% | 100
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| $384,785,000 | Nov. 15, 2046 | Term | 3.967% | 100
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