New Issue: New Hope Cultural, Texas, sells $230.72 million of Cardinal Bay bonds

By Sheri Kasprzak

New York, May 5 – The New Hope Cultural Education Facilities Finance Corp. of Texas priced $230.72 million of series 2016 unlimited tax refunding bonds for Cardinal Bay Inc., said a pricing sheet. The deal was upsized from $151,705,000.

The deal included $89.48 million of series 2016A-1 bonds, $16,325,000 of series 2016A-2 taxable bonds, $92.06 million of series 2016B bonds, $22,545,000 of series 2016C bonds and $10.31 million of series 2016D bonds.

The 2016A-1 bonds are due 2017 to 2026 with term bonds due in 2031, 2036, 2046 and 2051. The serial coupons range from 3% to 4% with yields from 1.01% to 2.91%. The 2031 bonds have a 5% coupon priced at 113.666 to yield 3.39% and the 2036 bonds have a 4% coupon priced at 99.313 to yield 4.05%. The 2046 bonds have a 5% coupon priced at 108.843 to yield 3.93% and the 2051 bonds have a 5% coupon priced at 107.547 to yield 4.08%.

The 2016A-2 bonds are due 2017 to 2026 with a term bond due in 2031. The serial coupons range from 2% to 4% with yields from 1.45% to 3.95%. The 2031 bonds have a 4.25% coupon priced at 98.354 to yield 4.40%.

The 2016B bonds are due 2017 to 2026 with term bonds due 2031, 2036, 2046 and 2051. The serial coupons range from 3% to 4% with yields from 1.51% to 3.61%. The 2031 bonds have a 4% coupon priced at 98.326 to yield 4.15% and the 2036 bonds have a 4.25% coupon priced at 98.008 to yield 4.40%. The 2046 bonds have a 5% coupon priced at 104.017 to yield 4.5% and the 2051 bonds have a 4.75% coupon priced at 99.151 to yield 4.80%.

The 2016C bonds are due 2017 to 2026 with term bonds due in 2031, 2036, 2046 and 2051. The serial coupons range from 3% to 5% with yields from 2.51% to 4.61%. The 2031 bonds have a 5% coupon priced at 99.68 to yield 5.03% and the 2036 bonds have a 5.25% coupon priced at 99.625 to yield 5.28%. The 2046 bonds have a 5.5% coupon priced at 99.556 to yield 5.53% and the 2051 bonds have a 5.75% coupon priced at 99.544 to yield 5.78%.

The 2016D bonds are due 2025 to 2026 with 6% to 7% coupons priced at par.

The bonds (Aa1) were sold through Piper Jaffray & Co.

Proceeds will finance a loan to Cardinal Bay to purchase buildings, facilities and other real property from the senior living facility.

Issuer:	New Hope Cultural Education Facilities Finance Corp./Cardinal Bay Inc.
Issue:	Series 2016 unlimited tax refunding bonds
Amount:	$230.72 million
Type:	Negotiated
Underwriter:	Piper Jaffray & Co.
Rating:	Moody’s: Aa1
Pricing date:	May 5
Settlement date:	May 26
$89.48 million series 2016A-1 bonds
Amount	Maturity	Type	Coupon	Price	Yield
$740,000	2017	Serial	3%	102.165	1.01%
$580,000	2018	Serial	3%	103.526	1.29%
$595,000	2019	Serial	3%	104.182	1.61%
$610,000	2020	Serial	3%	104.597	1.83%
$630,000	2021	Serial	4%	109.39	2.05%
$655,000	2022	Serial	4%	109.618	2.30%
$680,000	2023	Serial	4%	109.902	2.47%
$710,000	2024	Serial	4%	109.777	2.65%
$740,000	2025	Serial	4%	109.66	2.79%
$770,000	2026	Serial	4%	109.474	2.91%
$4.41 million	2031	Term	5%	113.666	3.39%
$13,405,000	2036	Term	4%	99.313	4.05%
$37.86 million	2046	Term	5%	108.843	3.93%
$27,095,000	2051	Term	5%	107.547	4.08%
$16,325,000 series 2016A-2 taxable bonds
Amount	Maturity	Type	Coupon	Price	Yield
$835,000	2017	Serial	2%	100.595	1.45%
$905,000	2018	Serial	2%	100.101	1.95%
$925,000	2019	Serial	2.25%	99.405	2.45%
$945,000	2020	Serial	2.5%	99.227	2.70%
$970,000	2021	Serial	2.75%	99.058	2.95%
$995,000	2022	Serial	3%	98.898	3.20%
$1,025,000	2023	Seral	3.25%	98.748	3.45%
$1.06 million	2024	Serial	3.5%	98.609	3.70%
$1,095,000	2025	Serial	3.75%	99.235	3.85%
$1,135,000	2026	Serial	4%	100.409	3.95%
$6,435,000	2031	Term	4.25%	98.354	4.40%
$92.06 million series 2016B bonds
Amount	Maturity	Type	Coupon	Price	Yield
$1,265,000	2017	Serial	3%	101.614	1.51%
$1.19 million	2018	Serial	3%	102.374	1.84%
$1.23 million	2019	Serial	3%	102.653	2.11%
$1.27 million	2020	Serial	3%	102.602	2.33%
$1,305,000	2021	Serial	4%	106.887	2.55%
$1.36 million	2022	Serial	4%	106.681	2.80%
$1,415,000	2023	Serial	4%	106.216	3.02%
$1,465,000	2024	Serial	4%	105.299	3.25%
$1,525,000	2025	Serial	4%	103.943	3.49%
$1,585,000	2026	Serial	4%	103.272	3.61%
$8,935,000	2031	Term	4%	98.326	4.15%
$10,925,000	2036	Term	4.25%	98.008	4.40%
$31.1 million	2046	Term	5%	104.017	4.50%
$27.49 million	2051	Term	4.75%	99.151	4.80%
$22,545,000 series 2016C bonds
Amount	Maturity	Type	Coupon	Price	Yield
$260,000	2017	Serial	3%	100.525	2.51%
$250,000	2018	Serial	3%	100.423	2.79%
$255,000	2019	Serial	4%	102.606	3.11%
$265,000	2020	Serial	4%	102.543	3.33%
$275,000	2021	Serial	4%	102.078	3.55%
$285,000	2022	Serial	5%	106.472	3.80%
$300,000	2023	Serial	5%	105.995	4.02%
$315,000	2024	Serial	5%	105.088	4.25%
$330,000	2025	Serial	5%	103.77	4.49%
$350,000	2026	Serial	5%	103.115	4.61%
$2.03 million	2031	Term	5%	99.68	5.03%
$2.6 million	2036	Term	5.25%	99.625	5.28%
$7,785,000	2046	Term	5.5%	99.556	5.53%
$7,245,000	2051	Term	5.75%	99.544	5.78%
$10.31 million series 2016D bonds
Amount	Maturity	Type	Coupon	Price	Yield
$9.31 million	2025	Serial	7%	100	7.00%
$1 million	2026	Serial	6%	100	6.00%

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