By Sheri Kasprzak
New York, July 30 - Florence County in South Carolina priced $123.03 million in series 2010A hospital revenue bonds on Tuesday for the McLeod Regional Medical Center of the Pee Dee Inc., according to an official statement.
The bonds (/A+/AA-) were sold through J.P. Morgan Securities Inc. with Wells Fargo Securities LLC as the co-manager.
The bonds are due 2011 to 2020 with term bonds due 2023, 2025, 2030 and 2037. The serial coupons range from 1.5% to 5% and yields range from 1.07% to 4.02%. The 2023 bonds have a 4% coupon to yield 4.45%. The 2025 bonds have a split maturity with a 4.5% coupon to yield 4.62% and a 5% coupon to yield 4.62%. The 2030 bonds have a 5% coupon to yield 5.1%, and the 2037 bonds have a 5% coupon to yield 5.18%.
Proceeds will be used to construct, acquire and equip hospital facilities, as well as to refund the hospital's series 2004B bonds and a portion of its series 1998A bonds, if market conditions are favorable.
Issuer: | Florence County, S.C./McLeod Regional Medical Center of the Pee Dee Inc.
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Issue: | Series 2010A hospital revenue bonds
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Amount: | $123.03 million
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Type: | Negotiated
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Underwriters: | J.P. Morgan Securities Inc. (lead); Wells Fargo Securities LLC (co-manager)
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Ratings: | Standard & Poor's: A+
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| Fitch: AA-
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Pricing date: | July 27
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Maturity | Type | Coupon | Yield
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2011 | Serial | 1.5% | 1.07%
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2012 | Serial | 2% | 1.57%
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2012 | Serial | 3% | 1.57%
|
2013 | Serial | 3% | 1.84%
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2014 | Serial | 4% | 2.12%
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2015 | Serial | 5% | 2.65%
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2016 | Serial | 3% | 3.13%
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2016 | Serial | 4% | 3.13%
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2017 | Serial | 3.25% | 3.42%
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2017 | Serial | 5% | 3.42%
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2018 | Serial | 3.5% | 3.64%
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2018 | Serial | 5% | 3.64%
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2019 | Serial | 3.75% | 3.83%
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2019 | Serial | 5% | 3.83%
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2020 | Serial | 5% | 4.02%
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2023 | Term | 4% | 4.45%
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2025 | Term | 4.5% | 4.62%
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2025 | Term | 5% | 4.62%
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2030 | Term | 5% | 5.10%
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2037 | Term | 5% | 5.18%
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