Published on 1/30/2015 in the Prospect News Municipals Daily.
New Issue: Maryland Health brings to market $357.21 million of MedStar Health bonds
By Sheri Kasprzak
New York, Jan. 30 – The Maryland Health and Higher Education Facilities Authority sold $357,205,000 of series 2015 revenue bonds for MedStar Health Inc., according to a pricing sheet.
The bonds (A2/A-/A) were sold through senior managers J.P. Morgan Securities LLC and BofA Merrill Lynch.
The bonds are due 2016 to 2033 with term bonds due in 2038, 2042 and 2045. The serial coupons range from 2% to 5% with 0.37% to 3% yields. The 2038 bonds have a 5% coupon priced at 116.245 to yield 3.1% and the 2042 bonds have a 5% coupon priced at 116.058 to yield 3.12%. The 2045 bonds have a 4% coupon priced at 101.735 to yield 3.79%.
Proceeds will be used to refund the system’s series 1998B-C, 2004 and 2007 revenue bonds.
| Issuer: | Maryland Health and Higher Education Facilities Authority/MedStar Health Inc.
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $357,205,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and BofA Merrill Lynch (lead), Citigroup Global Markets Inc., Loop Capital Markets LLC, RBC Capital Markets LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A-
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| Fitch: A
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| Pricing date: | Jan. 29
|
| Settlement date: | Feb. 11
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,995,000 | 2016 | Serial | 2% | 102.453 | 0.37%
|
| $4,145,000 | 2017 | Serial | 5% | 110.79 | 0.66%
|
| $4,355,000 | 2018 | Serial | 5% | 114.101 | 0.91%
|
| $8,025,000 | 2019 | Serial | 5% | 117.069 | 1.11%
|
| $8,345,000 | 2020 | Serial | 5% | 119.439 | 1.33%
|
| $8.76 million | 2021 | Serial | 5% | 121.219 | 1.56%
|
| $9,195,000 | 2022 | Serial | 5% | 122.23 | 1.82%
|
| $9,635,000 | 2023 | Serial | 5% | 123.283 | 2.01%
|
| $9,995,000 | 2024 | Serial | 5% | 123.621 | 2.23%
|
| $10,445,000 | 2025 | Serial | 5% | 123.015 | 2.40%
|
| $11.02 million | 2026 | Serial | 5% | 121.822 | 2.52%
|
| $11.51 million | 2027 | Serial | 5% | 120.447 | 2.66%
|
| $12.01 million | 2028 | Serial | 5% | 119.573 | 2.75%
|
| $12,535,000 | 2029 | Serial | 5% | 118.994 | 2.81%
|
| $13,185,000 | 2030 | Serial | 5% | 118.515 | 2.86%
|
| $13.75 million | 2031 | Serial | 5% | 118.037 | 2.91%
|
| $14.43 million | 2032 | Serial | 5% | 117.562 | 2.96%
|
| $15,125,000 | 2033 | Serial | 5% | 117.184 | 3.00%
|
| $35.18 million | 2038 | Term | 5% | 116.245 | 3.10%
|
| $75.2 million | 2042 | Term | 5% | 116.058 | 3.12%
|
| $66,365,000 | 2045 | Term | 4% | 101.735 | 3.79%
|
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