Published on 9/18/2013 in the Prospect News Municipals Daily.
New Issue: Hawaii Pacific Health brings $158.98 million offering of revenue bonds
By Sheri Kasprzak
New York, Sept. 18 - The Hawaii Pacific Health Obligated Group priced $158.98 million of series 2013 revenue bonds, according to an official statement.
The deal included $122.24 million of series 2013A bonds and $36.74 million of series 2013B bonds.
The 2013A bonds are due 2015 to 2028 with term bonds due in 2033, 2038 and 2043. The serial coupons range from 3% to 5% with 0.96% to 5.02% yields. The 2033 bonds have a 6% coupon priced at 104.644 to yield 5.38%, and the 2038 bonds have a 5.5% coupon priced at 98.528 to yield 5.61%. The 2043 bonds have a 5.5% coupon priced at 97.420 to yield 5.68%.
The 2013B bonds are due 2014 to 2033 with coupons from 2% to 5.25% and yields from 0.50% to 5.48%.
The bonds (/A-/A-) were sold through J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
Proceeds will be used to finance the construction of new facilities, including neonatal and pediatric care facilities, as well as to refund the obligated group's series 1998 and 2004A-B special purpose revenue bonds.
| Issuer: | Hawaii Pacific Health Obligated Group
|
| Issue: | Series 2013 revenue bonds
|
| Amount: | $158.98 million
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (lead)
|
| Ratings: | Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | Sept. 10
|
| Settlement date: | Oct. 3
|
|
|
| $122.24 million series 2013A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.03 million | 2015 | Serial | 3% | 103.519 | 0.96%
|
| $1.07 million | 2016 | Serial | 4% | 107.002 | 1.39%
|
| $1.13 million | 2017 | Serial | 5% | 111.112 | 1.91%
|
| $1.2 million | 2018 | Serial | 5% | 111.542 | 2.41%
|
| $1.28 million | 2019 | Serial | 5% | 111.314 | 2.85%
|
| $1.36 million | 2020 | Serial | 5% | 110.390 | 3.27%
|
| $1.45 million | 2021 | Serial | 5% | 109.030 | 3.65%
|
| $1,415,000 | 2022 | Serial | 5% | 107.694 | 3.95%
|
| $1,505,000 | 2023 | Serial | 5% | 106.584 | 4.17%
|
| $1.6 million | 2024 | Serial | 5% | 104.868 | 4.38%
|
| $1.93 million | 2025 | Serial | 5% | 103.185 | 4.59%
|
| $1,485,000 | 2026 | Serial | 5% | 101.846 | 4.76%
|
| $1.58 million | 2027 | Serial | 5% | 100.759 | 4.90%
|
| $1,685,000 | 2028 | Serial | 5% | 99.785 | 5.02%
|
| $13.39 million | 2033 | Term | 6% | 104.644 | 5.38%
|
| $14,065,000 | 2038 | Term | 5.5% | 98.528 | 5.61%
|
| $75,065,000 | 2043 | Term | 5.5% | 97.420 | 5.68%
|
|
|
| $36.74 million series 2013B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.34 million | 2014 | Serial | 2% | 101.112 | 0.50%
|
| $1,355,000 | 2015 | Serial | 3% | 103.519 | 0.96%
|
| $1.4 million | 2016 | Serial | 4% | 107.002 | 1.39%
|
| $1,455,000 | 2017 | Serial | 5% | 111.112 | 1.91%
|
| $1,025,000 | 2018 | Serial | 5% | 111.542 | 2.41%
|
| $410,000 | 2019 | Serial | 3% | 100.787 | 2.85%
|
| $420,000 | 2020 | Serial | 5% | 110.390 | 3.27%
|
| $440,000 | 2021 | Serial | 4% | 102.338 | 3.65%
|
| $2,405,000 | 2022 | Serial | 5% | 107.694 | 3.95%
|
| $2,515,000 | 2023 | Serial | 4% | 98.644 | 4.17%
|
| $2,625,000 | 2024 | Serial | 5% | 104.868 | 4.39%
|
| $2.23 million | 2025 | Serial | 4.25% | 96.933 | 4.59%
|
| $2,325,000 | 2026 | Serial | 5% | 101.846 | 4.76%
|
| $2.44 million | 2027 | Serial | 4.625% | 97.265 | 4.90%
|
| $2.55 million | 2028 | Serial | 5% | 99.785 | 5.02%
|
| $2,675,000 | 2029 | Serial | 5% | 98.493 | 5.14%
|
| $2.81 million | 2030 | Serial | 5% | 97.229 | 5.25%
|
| $2.95 million | 2031 | Serial | 5.125% | 97.657 | 5.33%
|
| $3,105,000 | 2032 | Serial | 5.25% | 98.121 | 5.41%
|
| $265,000 | 2033 | Serial | 5.25% | 97.237 | 5.48%
|
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