Published on 5/7/2015 in the Prospect News Municipals Daily.
New Issue: Maryland Health offers up $80.15 million of U of Maryland Medical bonds
By Sheri Kasprzak
New York, May 7 – The Maryland Health and Higher Educational Facilities Authority sold $80,145,000 of series 2015 revenue bonds for the University of Maryland Medical System, according to an official statement.
The bonds (A2/A-/A) were sold through J.P. Morgan Securities LLC.
The bonds are due 2015 to 2035 with a term bond due in 2041. The serial coupons range from 2% to 5% with 0.35% to 3.9% yields. The 2041 bonds have a 4% coupon priced at 97.307 to yield 4.17%.
Proceeds will be used to refund the medical system’s series 2006A and 2008C revenue bonds.
| Issuer: | Maryland Health and Higher Educational Facilities Authority/University of Maryland Medical System
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $80,145,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), M&T Securities Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A-
|
| Fitch: A
|
| Pricing date: | April 30
|
| Settlement date: | May 21
|
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|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,135,000 | 2015 | Serial | 2% | 100.182 | 0.35%
|
| $1,275,000 | 2016 | Serial | 3% | 102.788 | 0.48%
|
| $1,315,000 | 2017 | Serial | 4% | 106.489 | 0.89%
|
| $1.36 million | 2018 | Serial | 5% | 111.438 | 1.24%
|
| $1.43 million | 2019 | Serial | 4% | 109.846 | 1.52%
|
| $1.49 million | 2020 | Serial | 5% | 115.874 | 1.74%
|
| $1,555,000 | 2021 | Serial | 4% | 111.327 | 2.02%
|
| $1.62 million | 2022 | Serial | 5% | 117.975 | 2.25%
|
| $1.7 million | 2023 | Serial | 5% | 118.571 | 2.46%
|
| $1,785,000 | 2024 | Serial | 5% | 118.908 | 2.65%
|
| $2.65 million | 2025 | Serial | 5% | 119.253 | 2.80%
|
| $2.67 million | 2026 | Serial | 5% | 117.519 | 2.98%
|
| $2.05 million | 2027 | Serial | 5% | 115.909 | 3.15%
|
| $2.51 million | 2028 | Serial | 5% | 114.418 | 3.31%
|
| $2.25 million | 2029 | Serial | 5% | 113.773 | 3.38%
|
| $4,795,000 | 2030 | Serial | 5% | 113.132 | 3.45%
|
| $2,475,000 | 2031 | Serial | 3.625% | 96.73 | 3.90%
|
| $2.2 million | 2031 | Serial | 5% | 112.586 | 3.51%
|
| $5,065,000 | 2032 | Serial | 5% | 112.044 | 3.57%
|
| $5,305,000 | 2033 | Serial | 5% | 111.683 | 3.61%
|
| $5,515,000 | 2034 | Serial | 5% | 111.325 | 3.65%
|
| $5,675,000 | 2035 | Serial | 5% | 111.057 | 3.68%
|
| $22.32 million | 2041 | Serial | 4% | 97.307 | 4.17%
|
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