By Cristal Cody
Springdale, Ark., April 30 - Texas Children's Hospital priced $300 million variable-rate health care revenue bonds with 2.1% to 2.65% initial rates on Wednesday, the issuer told Prospect News.
The series 2008-1 bonds priced with a 2.55% initial rate, the series 2008-2 bonds priced with a 2.65% initial rate and the series 2008-3 bonds priced with a 2.1% initial rate, said Robert Kenderdine, the hospital's comptroller.
The series 2008-3 bonds are due May 1, 2009. The other series have 34-year maturities and are due in 2042.
The bonds (Aa2) priced through the Harris County Health Facilities Development Corp.
JPMorgan Securities was the manager of the negotiated sale.
Proceeds will be used to refund the hospital's series 2007-1, 2007-2 and 2007-3 auction-rate bonds.
| Issuer: | Texas Children's Hospital
|
| Issue: | Variable-rate health care revenue bonds
|
| Amount: | $300 million
|
| Type: | Negotiated
|
| Initial rates: | 2.55%, 2.65% and 2.1%
|
| Set: | Annually, daily and weekly
|
| Maturities: | 2009 and 2042
|
| Underwriter: | JPMorgan Securities
|
| Ratings: | Moody's: Aa2
|
| Pricing date: | April 30
|
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