Published on 6/28/2012 in the Prospect News Municipals Daily.
New Issue: Kahala Nui, Hawaii, sells $73.4 million of revenue refunding bonds
By Sheri Kasprzak
New York, June 28 - The Kahala Nui Corp. came to market Wednesday with $73.4 million of series 2012 special purpose senior living revenue refunding bonds through the Department of Budget and Finance of the State of Hawaii, according to a pricing sheet.
The bonds (//BBB-) were sold through senior manager Ziegler Capital Markets Inc.
The bonds are due 2012 to 2022 with term bonds due in 2027, 2032 and 2037. The serial coupons range from 1.5% to 5%. The 2027 bonds have a split maturity with a 4.625% coupon priced at par and a 5% coupon priced at 103.646. The 2032 bonds have a 4.9% coupon priced at par and a 5.125% coupon priced at 102.599. The 2037 bonds have a 5.1% coupon priced at par and a 5.25% coupon priced at 101.576.
Proceeds will be used to refund the corporation's series 2003 revenue bonds, which were used to finance the construction of senior living facilities operated by the corporation.
| Issuer: | Kahala Nui Corp./Department of Budget and Finance of the State of Hawaii
|
| Issue: | Series 2012 special purpose senior living revenue refunding bonds
|
| Amount: | $73.4 million
|
| Type: | Negotiated
|
| Underwriters: | Ziegler Capital Markets Inc. (lead)
|
| Ratings: | Fitch: BBB-
|
| Pricing date: | June 27
|
| Settlement date: | Aug. 15
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $415,000 | 2012 | Serial | 1.5% | 100
|
| $665,000 | 2013 | Serial | 2% | 100
|
| $1 million | 2013 | Serial | 4% | 102.454
|
| $720,000 | 2014 | Serial | 2.25% | 100
|
| $1 million | 2014 | Serial | 4% | 103.815
|
| $775,000 | 2015 | Serial | 2.5% | 100
|
| $1 million | 2015 | Serial | 4.5% | 106.202
|
| $505,000 | 2016 | Serial | 2.6% | 100
|
| $1,335,000 | 2016 | Serial | 4.5% | 107.594
|
| $910,000 | 2017 | Serial | 2.85% | 100
|
| $1 million | 2017 | Serial | 5% | 110.41
|
| $720,000 | 2018 | Serial | 3.1% | 100
|
| $1.27 million | 2018 | Serial | 5% | 111.316
|
| $800,000 | 2019 | Serial | 3.35% | 100
|
| $1,275,000 | 2019 | Serial | 5% | 110.537
|
| $725,000 | 2020 | Serial | 3.6% | 100
|
| $1.44 million | 2020 | Serial | 5% | 109.91
|
| $550,000 | 2021 | Serial | 3.8% | 100
|
| $1.71 million | 2021 | Serial | 5% | 109.279
|
| $2.37 million | 2022 | Serial | 4% | 100
|
| $3.7 million | 2027 | Term | 4.625% | 100
|
| $9.89 million | 2027 | Term | 5% | 103.646
|
| $500,000 | 2032 | Term | 4.9% | 100
|
| $16.83 million | 2032 | Term | 5.125% | 102.599
|
| $530,000 | 2037 | Term | 5.1% | 100
|
| $21,765,000 | 2037 | Term | 5.25% | 101.576
|
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