Published on 3/8/2013 in the Prospect News Municipals Daily.
New Issue: Maryland Health sells $356.81 million University of Maryland Medical revenue bonds
By Sheri Kasprzak
New York, March 8 - The Maryland Health and Higher Educational Facilities Authority priced $356.81 million of series 2013 revenue bonds for the University of Maryland Medical System, according to a term sheet.
The bonds (A2/A-/A) were sold through J.P. Morgan Securities LLC.
The deal included $241,755,000 of series 2013A tax-exempt bonds and $115,055,000 of series 2013B taxable bonds.
The 2013A bonds are due 2013 to 2033 with term bonds due in 2037 and 2043. The serial coupons range from 2% to 5%. The 2037 bonds have a 4% coupon priced at par. The 2043 bonds have a split maturity with a 4% coupon priced at 98.441 and a 5% coupon priced at 108.87.
The 2013B bonds are due 2028, 2036 and 2043. The 2028 bonds have a 3.991% coupon, the 2036 bonds have a 4.665% coupon and the 2043 bonds have a 4.815% coupon, all priced at par.
Proceeds will be used to refinance the authority's acquisition of most of the assets of St. Joseph Medical Center in Towson and to refund the authority's series 2004B revenue bonds.
| Issuer: | Maryland Health and Higher Educational Facilities Authority/University of Maryland Medical System
|
| Issue: | Series 2013 revenue bonds
|
| Amount: | $356.81 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), BofA Merrill Lynch, Wells Fargo Securities LLC, Loop Capital Markets LLC, M&T Securities Inc. and US Bancorp Inc. (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A
|
| Pricing date: | March 7
|
| Settlement date: | April 2
|
|
|
| $241,755,000 series 2013A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.16 million | 2013 | Serial | 2% | 100.437
|
| $3.22 million | 2014 | Serial | 2% | 102.064
|
| $3.31 million | 2015 | Serial | 3% | 105.463
|
| $3,405,000 | 2016 | Serial | 4% | 110.337
|
| $3,565,000 | 2017 | Serial | 5% | 116.636
|
| $3.7 million | 2018 | Serial | 3% | 108.594
|
| $3.91 million | 2019 | Serial | 4% | 114.084
|
| $2,285,000 | 2020 | Serial | 5% | 120.817
|
| $2.71 million | 2021 | Serial | 5% | 121.345
|
| $3,785,000 | 2022 | Serial | 5% | 121.166
|
| $3.99 million | 2023 | Serial | 5% | 118.976
|
| $4,095,000 | 2024 | Serial | 5% | 117.72
|
| $2.13 million | 2025 | Serial | 5% | 116.657
|
| $2.23 million | 2026 | Serial | 5% | 115.779
|
| $2,345,000 | 2027 | Serial | 5% | 115.082
|
| $2.46 million | 2028 | Serial | 5% | 114.391
|
| $14.28 million | 2033 | Term | 5% | 112.009
|
| $14.22 million | 2037 | Term | 4% | 100
|
| $50 million | 2043 | Term | 4% | 98.441
|
| $110,955,000 | 2043 | Term | 5% | 108.87
|
|
|
| $115,055,000 series 2013B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $17,495,000 | 2028 | Term | 3.991% | 100
|
| $42.18 million | 2036 | Term | 4.665% | 100
|
| $55.38 million | 2043 | Term | 4.815% | 100
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
