Published on 6/3/2014 in the Prospect News Municipals Daily.
New Issue: Memorial Hermann Health, Texas, sells $215.43 million of revenue bonds
By Sheri Kasprzak
New York, June 3 - The Harris County Cultural Education Facilities Finance Corp. of Texas sold $215.43 million of series 2014 hospital revenue bonds for the Memorial Hermann Health System, said a pricing sheet.
The deal included $145,005,000 of series 2014A bonds and $70,425,000 of series 2014B Sifma index bonds.
The 2014A bonds are due 2016 to 2031 with 4% to 5% coupons and 0.48% to 3.77% yields.
The 2014B bonds are due Dec. 1, 2042 and bear interest at the Sifma index rate plus 58 basis points.
The bonds (A1/A+/) were sold on a negotiated basis with J.P. Morgan Securities LLC as the lead manager for the 2014A bonds and the sole underwriter for the 2014B bonds.
Proceeds will be used to acquire, equip, construct, renovate and improve facilities operated by Memorial Hermann.
Memorial Hermann is a not-for-profit health system based in Houston.
| Issuer: | Harris County Cultural Education Facilities Finance Corp./Memorial Hermann Health System
|
| Issue: | Series 2014 hospital revenue bonds
|
| Amount: | $215.43 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead for 2014A, sole for 2014B), BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman, Sachs & Co., Loop Capital Markets LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers for 2014A)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Pricing date: | May 29
|
| Settlement date: | June 11
|
|
|
| $145,005,000 series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,325,000 | 2016 | Serial | 4% | 108.64 | 0.48%
|
| $3,905,000 | 2017 | Serial | 5% | 114.243 | 0.83%
|
| $4.59 million | 2018 | Serial | 5% | 116.355 | 1.23%
|
| $2.59 million | 2019 | Serial | 5% | 117.345 | 1.67%
|
| $380,000 | 2020 | Serial | 5% | 117.463 | 2.10%
|
| $805,000 | 2021 | Serial | 5% | 117.912 | 2.37%
|
| $1.37 million | 2022 | Serial | 5% | 118.393 | 2.57%
|
| $1,875,000 | 2023 | Serial | 5% | 118.375 | 2.78%
|
| $19,525,000 | 2024 | Serial | 5% | 118.749 | 2.91%
|
| $15,195,000 | 2025 | Serial | 5% | 117.465 | 3.04%
|
| $16.7 million | 2026 | Serial | 5% | 116.392 | 3.15%
|
| $17.58 million | 2027 | Serial | 5% | 115.715 | 3.22%
|
| $17.92 million | 2028 | Serial | 5% | 115.235 | 3.27%
|
| $15,665,000 | 2029 | Serial | 5% | 114.471 | 3.35%
|
| $12,605,000 | 2030 | Serial | 5% | 113.713 | 3.43%
|
| $12,975,000 | 2031 | Serial | 4% | 101.973 | 3.77%
|
|
|
| $70,425,000 series 2014B Sifma index bonds
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2042 | Term | Sifma rate plus 58 bps | 100
|
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