Published on 4/1/2015 in the Prospect News Municipals Daily.
New Issue: California Health Facilities offers up $63.21 million of revenue bonds
By Sheri Kasprzak
New York, April 1 – The California Health Facilities Financing Authority sold $63.21 million of series 2015 revenue bonds for the Northern California Presbyterian Homes and Services, according to an official statement.
The bonds (/A+/A+) were sold through BofA Merrill Lynch.
The bonds are due 2015 to 2031 with term bonds due in 2034, 2039 and 2044. The serial coupons range from 2% to 5% with 0.26% to 3.43% yields. The 2034 bonds have a 3.5% coupon priced at 97.937 to yield 3.65% and a 5% coupon priced at 114.63 to yield 3.3%. The 2039 bonds have a 5% coupon priced at 113.978 to yield 3.37%. The 2044 bonds have a 4% coupon priced at 100.161 to yield 3.98% and a 5% coupon priced at 113.608 to yield 3.41%.
Proceeds will be used to finance improvements and renovations to assisted living and retirement facilities, as well as to redeem the authority’s series 2004 variable-rate bonds.
| Issuer: | California Health Facilities Financing Authority/Northern California Presbyterian Homes and Services
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $63.21 million
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch
|
| Ratings: | Standard & Poor’s: A+
|
| Fitch: A+
|
| Pricing date: | March 25
|
| Settlement date: | April 15
|
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $225,000 | 2015 | Serial | 3% | 100.57 | 0.26%
|
| $1,085,000 | 2016 | Serial | 4% | 104.319 | 0.42%
|
| $1.13 million | 2017 | Serial | 5% | 109.255 | 0.77%
|
| $1,185,000 | 2018 | Serial | 5% | 112.236 | 1.11%
|
| $1,245,000 | 2019 | Serial | 2% | 102.279 | 1.445
|
| $1.27 million | 2020 | Serial | 5% | 116.442 | 1.69%
|
| $1,335,000 | 2021 | Serial | 5% | 118.013 | 1.91%
|
| $1.4 million | 2022 | Serial | 5% | 119.161 | 2.12%
|
| $1.47 million | 2023 | Serial | 5% | 120.176 | 2.29%
|
| $1,545,000 | 2024 | Serial | 5% | 120.817 | 2.46%
|
| $1.62 million | 2025 | Serial | 5% | 121.598 | 2.58%
|
| $1.7 million | 2026 | Serial | 5% | 119.908 | 2.75%
|
| $1,785,000 | 2027 | Serial | 3% | 98.886 | 3.11%
|
| $1.84 million | 2028 | Serial | 5% | 117.378 | 3.01%
|
| $1.93 million | 2029 | Serial | 5% | 116.707 | 3.08%
|
| $2.03 million | 2030 | Serial | 3.25% | 97.877 | 3.43%
|
| $2,095,000 | 2031 | Serial | 5% | 115.474 | 3.21%
|
| $2.5 million | 2034 | Term | 3.5% | 97.937 | 3.65%
|
| $4,395,000 | 2034 | Term | 5% | 114.63 | 3.30%
|
| $13.84 million | 2039 | Term | 5% | 113.978 | 3.37%
|
| $4 million | 2044 | Term | 4% | 100.161 | 3.98%
|
| $13,585,000 | 2044 | Term | 5% | 113.608 | 3.41%
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