By Sheri Kasprzak
New York, March 28 - The City of Rochester, Minn., sold $200 million of series 2012 health care facilities revenue bonds for the Mayo Clinic, according to a term sheet.
The bonds (Aa2/AA/) were sold through Wells Fargo Securities LLC and Bank of America Merrill Lynch.
The bonds are due Nov. 15, 2041 and have a split maturity with a 4% coupon priced at 95.807 and a 4.25% coupon priced at par.
Proceeds will be used to finance the construction, acquisition and equipment of a proton beam radiation therapy center at the Mayo Clinic-Methodist Hospital, as well as to renovate and construct other properties operated by the clinic.
| Issuer: | Rochester, Minn./Mayo Clinic
|
| Issue: | Series 2012 health care facilities revenue bonds
|
| Amount: | $200 million
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and Bank of America Merrill Lynch (lead)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | March 28
|
| Settlement date: | April 4
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $175 million | Nov. 15, 2041 | Term | 4% | 95.807
|
| $25 million | Nov. 15, 2041 | Term | 4.25% | 100
|
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