Published on 5/7/2013 in the Prospect News Municipals Daily.
New Issue: MedStar Health, Md., prices $149.76 million series 2013B revenue bonds
By Sheri Kasprzak
New York, May 7 - The Maryland Health and Higher Educational Facilities Authority priced $149.76 million of series 2013B revenue bonds for MedStar Health, according to a pricing sheet.
The bonds (A2/A/A-) were sold through Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
The bonds are due 2025 to 2033 with a term bond due in 2038. The serial bonds have 3% to 5% coupons with 3.05% to 3.52% yields. The 2038 bonds have a 4% coupon priced at 97.815 to yield 4.14% and a 5% coupon priced at 110.268 to yield 3.78%.
Proceeds will be used to refinance part of a bridge loan utilized to fund capital projects.
| Issuer: | Maryland Health and Higher Educational Facilities Authority/MedStar Health
|
| Issue: | Series 2013B revenue bonds
|
| Amount: | $149.76 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), BofA Merrill Lynch, Loop Capital Markets LLC, RBC Capital Markets LLC, US Bancorp Investments Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A-
|
| Pricing date: | May 7
|
| Settlement date: | May 21
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,185,000 | 2025 | Serial | 3% | 99.489 | 3.05%
|
| $6.19 million | 2026 | Serial | 5% | 117.41 | 3.01%
|
| $6.72 million | 2027 | Serial | 5% | 116.261 | 3.13%
|
| $7,225,000 | 2028 | Serial | 5% | 115.22 | 3.24%
|
| $6,715,000 | 2029 | Serial | 3.5% | 97.571 | 3.70%
|
| $7,145,000 | 2030 | Serial | 3.5% | 96.72 | 3.76%
|
| $7,615,000 | 2031 | Serial | 5% | 113.54 | 3.42%
|
| $8.2 million | 2032 | Serial | 5% | 113.079 | 3.47%
|
| $8.8 million | 2033 | Serial | 5% | 112.62 | 3.52%
|
| $45 million | 2038 | Term | 4% | 97.815 | 4.14%
|
| $43,965,000 | 2038 | Term | 5% | 110.268 | 3.78%
|
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