By Sheri Kasprzak
New York, July 28 - The Maine Health and Higher Educational Facilities Authority priced $280.75 million of series 2011 revenue bonds for the MaineGeneral Medical Center, according to a pricing sheet.
The bonds (Baa3//BBB-) were sold through Bank of America Merrill Lynch and Raymond James & Associates Inc. The co-managers were Morgan Keegan & Co. Inc., Morgan Stanley & Co. Inc. and Wells Fargo Securities LLC.
The bonds are due 2015 to 2021 with term bonds due in 2026, 2032, 2036 and 2041. The serial coupons range from 4% to 5.25%. The 2026 bonds have a 6% coupon priced at 98.638. The 2032 bonds have a 6.65% coupon priced at 99.766, and a 7.5% coupon priced at 105.929. The 2036 bonds have a 6.75% coupon priced at 97.637 and 6.95% coupon priced at par. The 2041 bonds have a 6.75% coupon priced at 96.875, a 6.95% coupon priced at 99.366 and a 7% coupon priced at par.
Proceeds will be used to construct and equip a 580,000-square-foot hospital in Augusta, Maine, to consolidate the medical center's two inpatient facilities in Augusta and Waterville.
| Issuer: | Maine Health and Higher Educational Facilities Authority/MaineGeneral Medical Center
|
| Issue: | Series 2011 revenue bonds
|
| Amount: | $280.75 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Raymond James & Associates Inc. (lead), Morgan Keegan & Co. Inc., Morgan Stanley & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Baa3
|
| Fitch: BBB-
|
| Pricing date: | July 28
|
| Settlement date: | Aug. 11
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $115,000 | 2015 | Serial | 5% | 105.592
|
| $220,000 | 2016 | Serial | 5% | 105.349
|
| $335,000 | 2017 | Serial | 4% | 99.013
|
| $1.19 million | 2018 | Serial | 5% | 102.156
|
| $3.875 million | 2019 | Serial | 5% | 99.93
|
| $4.07 million | 2020 | Serial | 5% | 98.167
|
| $4.275 million | 2021 | Serial | 5.25% | 98.63
|
| $28.48 million | 2026 | Term | 6% | 98.638
|
| $785,000 | 2032 | Term | 6.65% | 99.766
|
| $66.73 million | 2032 | Term | 7.5% | 105.929
|
| $59.675 million | 2036 | Term | 6.75% | 97.637
|
| $3.93 million | 2036 | Term | 6.95% | 100
|
| $61.88 million | 2041 | Term | 6.75% | 96.875
|
| $10.19 million | 2041 | Term | 6.95% | 99.366
|
| $35 million | 2041 | Term | 7% | 100
|
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