Published on 2/18/2016 in the Prospect News Municipals Daily.
New Issue: Maryland Health sells $136.31 million of Mercy Medical revenue bonds
By Sheri Kasprzak
New York, Feb. 18 – The Maryland Health and Higher Educational Facilities Authority sold $136.31 million of series 2016A revenue bonds for the Mercy Medical Center, according to a term sheet.
The bonds (Baa2/BBB/) were sold through senior manager Jefferies & Co.
The bonds are due 2032 to 2036 with term bonds due in 2038 and 2042. The serial coupons range from 3.5% to 5% with yields from 3.15% to 3.5%. The 2038 bonds have a 5% coupon priced at 113.648 to yield 3.42%, and the 2042 bonds have a 4% coupon priced at 99.19 to yield 4.05%.
Proceeds will be used to refund the center’s series 2011B, 2013 and 2013B revenue bonds.
Issuer: | Maryland Health and Higher Educational Facilities Authority/Mercy Medical Center
|
Issue: | Series 2016A revenue bonds
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Amount: | $136.31 million
|
Type: | Negotiated
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Underwriters: | Jefferies & Co. (lead), BofA Merrill Lynch and M&T Securities Inc. (co-managers)
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Ratings: | Moody’s: Baa2
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| Standard & Poor’s: BBB
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Pricing date: | Feb. 17
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Settlement date: | March 2
|
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$3 million | 2032 | Serial | 3.5% | 100 | 3.50%
|
$5.9 million | 2032 | Serial | 5% | 116.201 | 3.15%
|
$9,105,000 | 2033 | Serial | 5% | 115.723 | 3.20%
|
$9.18 million | 2034 | Serial | 5% | 115.248 | 3.25%
|
$9,955,000 | 2035 | Serial | 5% | 114.963 | 3.28%
|
$10.41 million | 2036 | Serial | 5% | 114.68 | 3.31%
|
$23,015,000 | 2038 | Term | 5% | 113.648 | 3.42%
|
$65,745,000 | 2042 | Term | 4% | 99.19 | 4.05%
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