Published on 11/7/2013 in the Prospect News Municipals Daily.
New Issue: Florida Development Finance prices $64.24 million of health care bonds
By Sheri Kasprzak
New York, Nov. 7 - The Florida Development Finance Corp. priced $64.24 million of series 2013A health care facilities revenue bonds for Shands Jacksonville Medical Center Inc., according to an official statement.
The bonds (Baa3//BBB+) were sold through BofA Merrill Lynch.
The bonds are due 2017 to 2020 and 2024 to 2026 with term bonds due in 2028 and 2033. The serial coupons range from 5% to 5.525% with 2.73% to 5.46% yields. The 2028 bonds have a 5.5% coupon priced at 98.062 to yield 5.7%, and the 2033 bonds have a 6% coupon priced at 97.982 to yield 6.18%.
Proceeds will be used to finance or refinance capital expenditures for the medical center, including the installation of an electronic records system, as well as to refund existing debt.
| Issuer: | Florida Development Finance Corp./Shands Jacksonville Medical Center Inc.
|
| Issue: | Series 2013A health care facilities revenue bonds
|
| Amount: | $64.24 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead)
|
| Ratings: | Moody's: Baa3
|
| Fitch: BBB+
|
| Pricing date: | Oct. 29
|
| Settlement date: | Nov. 21
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.75 million | 2017 | Serial | 5% | 106.895 | 2.73%
|
| $1,835,000 | 2018 | Serial | 5% | 107.170 | 3.16%
|
| $1.93 million | 2019 | Serial | 5% | 106.281 | 3.66%
|
| $2,025,000 | 2020 | Serial | 5% | 104.929 | 4.09%
|
| $2,125,000 | 2024 | Serial | 5% | 98.814 | 5.15%
|
| $2.23 million | 2025 | Serial | 5.125% | 98.362 | 5.32%
|
| $2,345,000 | 2026 | Serial | 5.25% | 98.139 | 5.46%
|
| $10 million | 2028 | Term | 5.5% | 98.062 | 5.7%
|
| $40 million | 2033 | Term | 6% | 97.982 | 6.18%
|
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