Published on 3/21/2013 in the Prospect News Municipals Daily.
New Issue: Harris County Cultural Education, Texas, prices $315.2 million Memorial Hermann bonds
By Sheri Kasprzak
New York, March 21 - The Harris County Cultural Education Facilities Finance Corp. of Texas sold $315.2 million of series 2013A hospital revenue refunding bonds for the Memorial Hermann Health System, according to a pricing sheet.
The bonds (A1/A+/) were sold through J.P. Morgan Securities LLC and RBC Capital Markets LLC.
The bonds are due 2015 to 2028 with term bonds due in 2031 and 2035. The serial coupons range from 3% to 5%. The 2031 bonds have a 4% coupon priced at par and a 5% coupon priced at 110.744. The 2035 bonds have a 4% coupon priced at 97.517 and a 5% coupon priced at 109.21.
Proceeds will be used to refund the corporation's series 2004A and 2008B-C revenue bonds.
| Issuer: | Harris County Cultural Education Facilities Finance Corp./Memorial Hermann Health System
|
| Issue: | Series 2013A hospital revenue refunding bonds
|
| Amount: | $315.2 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and RBC Capital Markets LLC (lead), Wells Fargo Securities LLC and Citigroup Global Markets Inc. (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Pricing date: | March 21
|
| Settlement date: | March 28
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $6,205,000 | 2015 | Serial | 3% | 106.468
|
| $6.42 million | 2016 | Serial | 4% | 111.488
|
| $3 million | 2017 | Serial | 4% | 113.031
|
| $3,695,000 | 2017 | Serial | 5% | 117.572
|
| $3 million | 2018 | Serial | 4% | 113.959
|
| $3,995,000 | 2018 | Serial | 5% | 119.39
|
| $2.9 million | 2019 | Serial | 4% | 114.25
|
| $4.92 million | 2019 | Serial | 5% | 120.528
|
| $3.1 million | 2020 | Serial | 4% | 113.933
|
| $4,575,000 | 2020 | Serial | 5% | 121.006
|
| $100,000 | 2021 | Serial | 4% | 113.297
|
| $7.95 million | 2021 | Serial | 5% | 121.12
|
| $260,000 | 2022 | Serial | 4% | 112.451
|
| $8,205,000 | 2022 | Serial | 5% | 120.98
|
| $550,000 | 2023 | Serial | 4% | 110.552
|
| $8.34 million | 2023 | Serial | 5% | 118.995
|
| $205,000 | 2024 | Serial | 4% | 108.252
|
| $7,995,000 | 2024 | Serial | 5% | 117.233
|
| $5 million | 2025 | Serial | 3.5% | 100.897
|
| $5.84 million | 2025 | Serial | 5% | 115.591
|
| $5 million | 2026 | Serial | 3.5% | 100.078
|
| $6,925,000 | 2026 | Serial | 5% | 114.423
|
| $12.51 million | 2027 | Serial | 5% | 113.623
|
| $10.58 million | 2028 | Serial | 5% | 112.741
|
| $34,135,000 | 2031 | Term | 4% | 100
|
| $10.04 million | 2031 | Term | 5% | 110.744
|
| $75 million | 2035 | Term | 4% | 97.517
|
| $74,755,000 | 2035 | Term | 5% | 109.21
|
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