Published on 6/4/2015 in the Prospect News Municipals Daily.
New Issue: Montgomery County IDA, Pa., sells $453.47 million Einstein Health bonds
By Sheri Kasprzak
New York, June 4 – The Montgomery County Industrial Development Authority priced $453.47 million of series 2015A health system revenue bonds for the Albert Einstein Healthcare Network, according to a pricing sheet.
The bonds (Baa2//BBB) were sold through BofA Merrill Lynch and Wells Fargo Securities LLC.
The bonds are due 2017 to 2032 with term bonds due in 2036, 2045 and 2046. The serial coupons range from 4% to 5.25% with yields from 1.23% to 4.6%. The 2036 bonds have a 5.25% coupon priced at 105.294 to yield 4.56%. The 2045 bonds have a 5.25% coupon priced at 104.036 to yield 4.72%, and the 2046 bonds have a 5.25% coupon priced at 103.802 to yield 4.75%.
Proceeds will be used to refund the network’s series 2009A and 2010 revenue bonds.
| Issuer: | Montgomery County Industrial Development Authority/Albert Einstein Healthcare Network
|
| Issue: | Series 2015A health system revenue bonds
|
| Amount: | $453.47 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Wells Fargo Securities LLC
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
| Pricing date: | May 29
|
| Settlement date: | June 24
|
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|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6,725,000 | 2017 | Serial | 5% | 105.8 | 1.23%
|
| $7,065,000 | 2018 | Serial | 5% | 107.86 | 1.84%
|
| $7,415,000 | 2019 | Serial | 5% | 109.423 | 2.23%
|
| $7,785,000 | 2020 | Serial | 5% | 110.524 | 2.54%
|
| $8,175,000 | 2021 | Serial | 5% | 110.707 | 2.90%
|
| $8,585,000 | 2022 | Serial | 5% | 110.757 | 3.17%
|
| $9,015,000 | 2023 | Serial | 5% | 110.864 | 3.36%
|
| $9,465,000 | 2024 | Serial | 5% | 110.618 | 3.55%
|
| $9.94 million | 2025 | Serial | 5% | 110.214 | 3.72%
|
| $10,435,000 | 2026 | Serial | 5.25% | 111.02 | 3.86%
|
| $5 million | 2027 | Serial | 4% | 98.812 | 4.13%
|
| $5,985,000 | 2027 | Serial | 5.25% | 109.679 | 4.02%
|
| $11,495,000 | 2028 | Serial | 5.25% | 109.016 | 4.10%
|
| $5 million | 2029 | Serial | 4.25% | 98.679 | 4.38%
|
| $7.1 million | 2029 | Serial | 5.25% | 107.948 | 4.23%
|
| $12,685,000 | 2030 | Serial | 5.25% | 107.297 | 4.31%
|
| $13.35 million | 2031 | Serial | 5.25% | 106.812 | 4.37%
|
| $5 million | 2032 | Serial | 4.5% | 98.847 | 4.60%
|
| $9,055,000 | 2032 | Serial | 5.25% | 106.41 | 4.42%
|
| $63.82 million | 2036 | Term | 5.25% | 105.294 | 4.56%
|
| $201,685,000 | 2045 | Term | 5.25% | 104.036 | 4.72%
|
| $28.69 million | 2046 | Term | 5.25% | 103.802 | 4.75%
|
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