Published on 4/28/2011 in the Prospect News Municipals Daily.
New Issue: Centre County Hospital, Pa., prices $70.23 million bonds for Mount Nittany Medical
By Sheri Kasprzak
New York, April 28 - The Centre County Hospital Authority of Pennsylvania sold $70.23 million of series 2011 hospital revenue bonds for the Mount Nittany Medical Center, according to a pricing sheet.
The bonds (/A-/A-) are due 2012 to 2022 with term bonds due in 2027, 2031, 2041 and 2046. The serial coupons range from 2.5% to 5%. The 2027 bonds have a 5.625% coupon priced at par, and the 2031 bonds have a 6% coupon priced at 98.548. The 2041 bonds have a 6.25% coupon priced at 96.954, and the 2046 bonds have a 7% coupon priced at 103.766.
Merrill Lynch was the senior manager for the sale.
Proceeds will be used to reimburse the hospital for the construction, installation and equipment of a cancer care center, as well as upgrades to the medical center's emergency department.
| Issuer: | Centre County Hospital Authority/Mount Nittany Medical Center
|
| Issue: | Series 2011 hospital revenue bonds
|
| Amount: | $70.23 million
|
| Type: | Negotiated
|
| Underwriter: | Merrill Lynch
|
| Ratings: | Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | April 20
|
| Settlement date: | May 5
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $695,000 | 2012 | Serial | 2.5% | 101.246
|
| $705,000 | 2013 | Serial | 3% | 102.005
|
| $730,000 | 2014 | Serial | 3% | 101.339
|
| $745,000 | 2015 | Serial | 4% | 103.773
|
| $775,000 | 2016 | Serial | 4% | 102.239
|
| $805,000 | 2017 | Serial | 4% | 100.284
|
| $835,000 | 2018 | Serial | 4% | 98.149
|
| $865,000 | 2019 | Serial | 4.5% | 99.23
|
| $900,000 | 2020 | Serial | 4.75% | 99.317
|
| $945,000 | 2021 | Serial | 5% | 100
|
| $990,000 | 2022 | Serial | 5% | 98.706
|
| $5.73 million | 2027 | Term | 5.625% | 100
|
| $5.84 million | 2031 | Term | 6% | 98.548
|
| $22.05 million | 2041 | Term | 6.25% | 96.954
|
| $27.62 million | 2046 | Term | 7% | 103.766
|
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