By Sheri Kasprzak
New York, Feb. 27 - The Flint Hospital Building Authority of Michigan sold $58,815,000 of series 2013 revenue refunding bonds for the Hurley Medical Center, according to a term sheet.
The deal included $21,925,000 of series 2013A revenue rental bonds and $36.89 million of series 2013B revenue refunding bonds.
The 2013A bonds are due 2023, 2028 and 2039. The 2023 bonds have a 5% coupon priced at 104.077 and the 2028 bonds have a 5.25% coupon priced at 103.729. The 2039 bonds have a 5.25% coupon priced at 99.286.
The 2013 bonds are due 2013, 2015 and 2017 and from 2018 to 2019 with term bonds due in 2023 and 2038. The serial coupons range from 3.5% to 5%. The 2023 bonds have a 4.75% coupon priced at 102.027 and the 2038 bonds have a 4.75% coupon priced at 97.347.
The bonds (Ba1//BB+) were sold through Raymond James/Morgan Keegan.
Proceeds will be used to finance the equipment, renovation, construction and acquisition of medical center facilities, as well as to upgrade technology and refund the medical center's series 1998A-B and 2003 revenue bonds.
| Issuer: | Flint Hospital Building Authority/Hurley Medical Center
|
| Issue: | Series 2013 revenue refunding bonds
|
| Amount: | $58,815,000
|
| Type: | Negotiated
|
| Underwriter: | Raymond James/Morgan Keegan
|
| Rating: | Moody's: Ba1
|
| Fitch: BB+
|
| Pricing date: | Feb. 27
|
| Settlement date: | April 2
|
|
|
| $21,925,000 series 2013A revenue rental bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.58 million | 2023 | Term | 5% | 104.077
|
| $8.35 million | 2028 | Term | 5.25% | 103.729
|
| $7,995,000 | 2039 | Term | 5.25% | 99.286
|
|
|
| $36.89 million series 2013B revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $515,000 | 2013 | Serial | 5% | 100.794
|
| $3,545,000 | 2015 | Serial | 5% | 105.314
|
| $9.07 million | 2017 | Serial | 3.5% | 101.976
|
| $4.82 million | 2018 | Serial | 3.75% | 101.785
|
| $2 million | 2019 | Serial | 4% | 101.655
|
| $3 million | 2019 | Serial | 5% | 107.186
|
| $8.12 million | 2023 | Term | 4.75% | 102.027
|
| $5.82 million | 2038 | Term | 4.75% | 97.347
|
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