Published on 2/6/2012 in the Prospect News Municipals Daily.
New Issue: Martin County Health, Fla., prices $126.91 million bonds for Martin Memorial
By Sheri Kasprzak
New York, Feb. 6 - The Martin County Health Facilities Authority of Florida sold $126,905,000 of series 2012 hospital revenue bonds for the Martin Memorial Medical Center, according to a term sheet.
The bonds (Baa1/BBB/) were sold through Ziegler Capital Markets Inc.
The bonds are due 2016 to 2020 with term bonds due in 2024, 2027, 2032 and 2042. The serial coupons range from 2.85% to 3.75%, all priced at par. The 2024 bonds have a split maturity with a 4.25% coupon priced at 99.022 and a 5% coupon priced at 105.528. The 2027 bonds have a split maturity with a 4.625% coupon priced at 99.164 and a 5% coupon priced at 103.111. The 2032 bonds have a split maturity with a 5.125% coupon priced at 99.423 and a 5.5% coupon priced at 102.883. The 2042 bonds have a 5.5% coupon priced at 99.549.
Proceeds will be used to finance the construction of a new hospital located in Port St. Lucie, Fla., about 16 miles from the medical center's Stuart, Fla., campus.
| Issuer: | Martin County Health Facilities Authority/Martin Memorial Medical Center
|
| Issue: | Series 2012 hospital revenue bonds
|
| Amount: | $126,905,000
|
| Type: | Negotiated
|
| Underwriter: | Ziegler Capital Markets Inc.
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Pricing date: | Jan. 26
|
| Settlement date: | Feb. 9
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.58 million | 2016 | Serial | 2.85% | 100
|
| $745,000 | 2017 | Serial | 3% | 100
|
| $705,000 | 2018 | Serial | 3.25% | 100
|
| $675,000 | 2019 | Serial | 3.5% | 100
|
| $660,000 | 2020 | Serial | 3.75% | 100
|
| $440,000 | 2024 | Term | 4.25% | 99.022
|
| $1.99 million | 2024 | Term | 5% | 105.528
|
| $515,000 | 2027 | Term | 4.625% | 99.164
|
| $6,525,000 | 2027 | Term | 5% | 103.111
|
| $11.05 million | 2032 | Term | 5.125% | 99.423
|
| $11.02 million | 2032 | Term | 5.5% | 102.883
|
| $91 million | 2042 | Term | 5.5% | 99.549
|
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