By Sheri Kasprzak
New York, Jan. 27 - The Maryland Health and Higher Educational Facilities Authority sold $120 million in series 2009A revenue bonds for Anne Arundel Health System, according to an official statement released Tuesday.
The bonds (A3/A-/A-) were sold through senior managers Citigroup Global Markets Inc. and M&T Securities Inc.
The serial bonds are due 2012 to 2015 with coupons from 4% to 4.5%, and the term bonds mature 2019, 2029 and 2039. The 2019 bonds have a 5.25% coupon, priced at 97.957; the 2029 bonds have a 6.75% coupon, priced at 97.827; and the 2039 bonds have a 6.75% coupon, priced at 95.057.
Proceeds will be used to construct, equip and acquire a new patient tower, kitchen, cafeteria, lobby, waiting area and gift shop, as well as a new anatomic/pathology lab and two floors of shell space. The rest will be used to expand the health system's emergency department.
| Issuer: | Maryland Health and Higher Educational Facilities Authority
|
| Issue: | Series 2009A revenue bonds
|
| Amount: | $120 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and M&T Securities Inc. (leads)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | Jan. 22
|
| Settlement date: | Jan. 29
|
|
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 4% | 100.219
|
| 2013 | Serial | 4% | 99.396
|
| 2014 | Serial | 4.25% | 99.327
|
| 2015 | Serial | 4.5% | 99.391
|
| 2019 | Term | 5.25% | 97.957
|
| 2029 | Term | 6.75% | 97.827
|
| 2039 | Term | 6.75% | 95.057
|
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