By Sheri Kasprzak
New York, June 22 - The City of Alamogordo, N.M., priced $89.435 million in series 2010 hospital improvement and refunding revenue bonds, according to a term sheet. The bonds were sold for Gerald Champion Regional Medical Center.
The offering included $73.11 million in series 2010A bonds and $16.325 million in series 2010B bonds.
The 2010A bonds are due 2022 to 2025 with term bonds due 2030 and 2040. Serial coupons range from 5.25% to 6%. The 2030 and 2040 bonds have 6% coupons.
The 2010B bonds are due 2011 to 2022 with coupons from 2.8% to 7.85%.
The full pricing details were not immediately available.
Morgan Keegan & Co. Inc. was the lead manager for the bonds (/BBB+/).
Proceeds will be used to finance and reimburse the hospital for costs associated with constructing, equipping and acquiring hospital facilities, as well as refund and defease the hospital's series 2007A and 2007B hospital improvement and refunding bonds.
| Issuer: | Alamogordo, N.M./Gerald Champion Regional Medical Center
|
| Issue: | Series 2010 hospital improvement and refunding revenue bonds
|
| Amount: | $89.435 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Keegan & Co. Inc. (lead)
|
| Rating: | Standard & Poor's: BBB+
|
| Pricing date: | June 22
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon
|
| 2022 | Serial | 5.25%
|
| 2023 | Serial | 6%
|
| 2024 | Serial | 5.5%
|
| 2025 | Serial | 5.625%
|
| 2030 | Term | 6%
|
| 2040 | Term | 6%
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon
|
| 2011 | Serial | 2.8%
|
| 2012 | Serial | 4%
|
| 2013 | Serial | 5%
|
| 2014 | Serial | 5.75%
|
| 2015 | Serial | 6%
|
| 2017 | Serial | 6.7%
|
| 2019 | Serial | 7.2%
|
| 2020 | Serial | 7.4%
|
| 2021 | Serial | 7.7%
|
| 2022 | Serial | 7.85%
|
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