Published on 7/26/2012 in the Prospect News Municipals Daily.
New Issue: Montgomery County, Pa., authority sells $138.42 million Abington bonds
By Sheri Kasprzak
New York, July 26 - The Montgomery County Higher Education and Health Authority priced $138,415,000 of series 2012A hospital revenue bonds for the Abington Memorial Hospital Obligated Group, according to a term sheet.
The bonds (/A/) were sold through Goldman, Sachs & Co. The co-managers were Wells Fargo Securities LLC and PNC Capital Markets LLC.
The bonds are due 2018 to 2027 with a term bond due in 2031. The serial coupons range from 3.25% to 5%. The 2031 bonds have a split maturity with a 3.75% coupon priced at 97.746 and a 5% coupon priced at 112.824.
Proceeds will be used to current refund the authority's series 1998 and 2002 revenue bonds.
| Issuer: | Montgomery County Higher Education and Health Authority/Abington Memorial Hospital Obligated Group
|
| Issue: | Series 2012A hospital revenue bonds
|
| Amount: | $138,415,000
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead), Wells Fargo Securities LLC and PNC Capital Markets LLC (co-managers)
|
| Ratings: | Standard & Poor's: A
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 2
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.45 million | 2018 | Serial | 5% | 118.241
|
| $6,105,000 | 2019 | Serial | 5% | 118.991
|
| $6.41 million | 2020 | Serial | 5% | 119.322
|
| $6.72 million | 2021 | Serial | 5% | 119.346
|
| $7 million | 2022 | Serial | 5% | 119.738
|
| $7.41 million | 2023 | Serial | 5% | 117.94
|
| $7,785,000 | 2024 | Serial | 5% | 116.821
|
| $11,625,000 | 2025 | Serial | 5% | 115.99
|
| $12.21 million | 2026 | Serial | 3.25% | 97.488
|
| $12,605,000 | 2027 | Serial | 5% | 114.349
|
| $10 million | 2031 | Term | 3.75% | 97.746
|
| $48,095,000 | 2031 | Term | 5% | 112.824
|
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