Published on 7/15/2015 in the Prospect News Municipals Daily.
New Issue: Maryland Health brings to market $159.93 million of LifeBridge bonds
By Sheri Kasprzak
New York, July 15 – The Maryland Health and Higher Educational Facilities Authority sold $159.93 million of series 2015 revenue bonds for LifeBridge Health, according to a pricing sheet.
The bonds (A1/A+/) were sold through BofA Merrill Lynch.
The bonds are due 2018 to 2030 with term bonds due in 2035, 2040 and 2047. The serial coupons range from 2% to 5%. The 2035 bonds have a 4% coupon priced at 98.645, and the 2040 bonds have a 5% coupon priced at 108.289. The 2047 bonds have a 4.125% coupon priced at 96.805 and a 5% coupon priced at 107.44.
Proceeds will be used to finance the acquisition of an uninterruptible power supply at Sinai Hospital in Baltimore, inpatient department improvements at Sinai, renovations to the operating and emergency departments at Northwest Hospital in Baltimore and various renovations at Carroll Hospital in Westminster.
| Issuer: | Maryland Health and Higher Educational Facilities Authority/LifeBridge Health
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $159.93 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), BB&T Capital Markets, Citigroup Global Markets Inc. and M&T Securities Inc. (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A+
|
| Pricing date: | July 15
|
| Settlement date: | July 30
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $630,000 | 2018 | Serial | 3% | 105.119
|
| $710,000 | 2019 | Serial | 4% | 109.681
|
| $905,000 | 2020 | Serial | 3% | 106.012
|
| $1,745,000 | 2021 | Serial | 5% | 116.728
|
| $2,645,000 | 2022 | Serial | 2% | 97.839
|
| $2,835,000 | 2023 | Serial | 5% | 117.467
|
| $2.99 million | 2024 | Serial | 5% | 117.342
|
| $3.14 million | 2025 | Serial | 3% | 99.743
|
| $3.59 million | 2026 | Serial | 5% | 115.192
|
| $3.76 million | 2027 | Serial | 3.25% | 98.057
|
| $3.89 million | 2028 | Serial | 5% | 113.283
|
| $2.91 million | 2029 | Serial | 5% | 112.387
|
| $3.16 million | 2030 | Serial | 5% | 111.765
|
| $14.39 million | 2035 | Term | 4% | 98.645
|
| $26,405,000 | 2040 | Term | 5% | 108.289
|
| $36,225,000 | 2047 | Term | 4.125% | 96.805
|
| $50 million | 2047 | Term | 5% | 107.44
|
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