By Sheri Kasprzak
New York, Nov. 18 - The Harris County Cultural Education Facilities Finance Corp. of Texas sold $72.165 million of series 2010A hospital revenue refunding bonds on Wednesday for Memorial Hermann Healthcare System Inc., according to an official statement.
The bonds (A2/A+/) were sold through RBC Capital Markets Corp.
The bonds are due 2011 to 2020 with a term bond due 2024. The serial coupons range from 2.375% to 5%. The yields range from 1.4% to 4.6%. The 2024 bonds have a 5% coupon priced to yield 5.25%.
Proceeds will be used to refund the health care system's series 1997B bonds.
Based in Houston, the corporation provides loans to nonprofit educational and other organizations. Memorial Hermann is based in Houston.
| Issuer: | Harris County Cultural Education Facilities Finance Corp./Memorial Hermann Healthcare System Inc.
|
| Issue: | Series 2010A hospital revenue refunding bonds
|
| Amount: | $72.165 million
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets Corp.
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
| Pricing date: | Nov. 17
|
| Settlement date: | Nov. 30
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $3.6 million | 2011 | Serial | 3% | 1.4%
|
| $4.21 million | 2012 | Serial | 4% | 1.75%
|
| $4.38 million | 2013 | Serial | 2.375% | 2.3%
|
| $4.48 million | 2014 | Serial | 2.75% | 2.72%
|
| $4.605 million | 2015 | Serial | 3.125% | 3.04%
|
| $4.75 million | 2016 | Serial | 3.4% | 3.41%
|
| $4.91 million | 2017 | Serial | 3.75% | 3.74%
|
| $2.095 million | 2018 | Serial | 4% | 4.08%
|
| $3 million | 2018 | Serial | 5% | 4.08%
|
| $2.33 million | 2019 | Serial | 4.25% | 4.34%
|
| $3 million | 2019 | Serial | 5% | 4.34%
|
| $265,000 | 2020 | Serial | 4.375% | 4.6%
|
| $5.31 million | 2020 | Serial | 5% | 4.6%
|
| $25.23 million | 2024 | Term | 5% | 5.25%
|
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